i'm pretty new to hex as well...by looking at Ribcage's item break down pic you'll notice that after all the item effects are the codes for the weapon's or armor's conditions.Link
i wasn't able to figure out the condition codes/hex til i was looking very, very closely at the line of codes at the end of the item effects when i noticed that there are 2 codes that of the same value. so, i experimented on the first code and notice that i found the condition codes, LOL.
in Ribcage's pic you'll notice that after the last item effect, AF CD 1C, it's followed by the 00 FF FF FF FF then a set of 00's. it's after these sets of 00's that you come to F0 41 00 00 F0 41 which is the condition of "bloodsteel plate" (in Ribcage's pic). hope this helps, and hope that Ribcage didn't mind me using his pic, cuz it helped out a lot looking for the item effects.
for my armor piece, mastercrafted dreadscale armor, the values were D0 41 00 00 D0 41 which was 28/28.
interesting, though, is that my chest armor, mastercrafted dreadscale armor, was green color til i added the +20% Physical Damage & +10% Piercing Damage. it changed to purple color after that code was added, awesome.
EDIT: FF 43 = 510 condition...and i did try FF 44 and the condition was like 2k+...lol[Edited by isamudysan, 2/24/2012 10:31:53 PM]