|James Risner Owner - D20 Hobbies|
"Benefit: You do not suffer any penalties on attack rolls made with a shield while you are wielding another weapon. Add your shield’s enhancement bonus to attack and damage rolls made with the shield as if it were a weapon enhancement bonus."
RAW, if you have armor spikes, or a gauntlet, and you are using a shield two handed, are you wielding both weapons? Both could be "wielded" even if they aren't being used to attack, right?
And if so, with shield master do suffer penalties to hit for power attack?
Also it says "you do not suffer any penalties, so does that include enemy debuffs as well?
Wield is attacking, so you are not wielding if you don't attaxk.
Also, any is limited to TWF penalties.