Changes for equips

So does this mean it is feasible for them to go back and say, change the defense values on equips, tweak the magic on LUK staves, and all that jazz should they eventually come to their senses?

Yes and No; An object is represented by two sets of data IndexData, and InstanceData.

The index data is what the mob is defined as for a baseline - ie what the wz and the server both agree is basic definition of the object.

The instance data tracks exceptions to this, and is saved with the individual item itself.

Certain portions of the object don't exist in instance data because they can never be changed, they just always point back to the IndexData. Some examples of that are the objects level, the objects vnum (id), the objects name, which classes can use it, and the required stats to wield it.

Effects however are stored inthe InstanceData, so it's added luck, int, dex, str, wattack, mattack, etc, all those variables, are saved per item.

When they make a change to the index it only adjusts the portions of an item that are index dependent, anything else remains as it was last saved unless they also do a global update of the database to change the values.

If they change the class or level requirements, or cost, of an item, those are Index level attributes and they instantly effect every object that exists. If they change the default str on an object from 4 to 8, it only effects new objects, and everyone who already had one now has an inferior object unless they also update the database to compensate all existing objects of that vnum with a +4 boost to be "fair" or are already saving all instance level enhancements as a +/- modifier to baseline.