I have tried it without armor or shield, with light, medium and heavy armor . With all kinds of dodge items on. Logging in and out. Different stances. I never see any change in the dodge cap, or my armor dodge cap or my actual dodge number.
I believe it is just supposed to change the Dodge Cap (the one that is 25% when you have no armor) but I figured I would check those other things too. Anyway, I can't see where it changes anything related to Dodge at all. So still broken.