Good day everyone. We have a clarification on the bug (a patch is still in the works). We will update the OP with this as well, but we wanted to be sure that everyone had the latest and best info. Here goes:
The console armor/mannequin bug only occurs if a player loads a savegame that was created in a pre-christmas patch build into a game running the post-christmas patch build. So if you have the christmas patch installed and then put armor on mannequins, nothing will happen.
What that means is that the warning in this thread is a bit more specific based upon what we know now:
Do not load worlds that were created in older (pre-Christmas update) builds in which you have console armor on mannequins into the christmas patch build. If players want to do that, they should first remove the armor from the mannequins, then apply the christmas patch, then load the world again. It should then be safe to put armor on mannequins in that world.
Thanks again for your patience and understanding!