|Rogue Eidolon Designer|
Effect should be the same in either case... gear drops to the ground.
That said, your GM could also rule that some of the gear was damaged / destroyed... but that is true of gear for ANY creature being attacked.
Except that Figments can be dismissed by moving too far away from their master as well. I'd probably argue that any gear a Figment was using when it was dispelled would disappear with it, returning the next time it appeared. Their is no reason not to assume that your imagination wanders off to some inaccessible part of the Astral plane when not on the Material plane, except to be difficult.
Correct me if I am wrong but I have not seen any official ruling on this so I guess it is up to each GM to decide. I would go with the equipped items disappear with the familiar and reappear with him. I would also rule that if you give the figment familiar items you can not get them back. They also become figments. This would keep it from being abused. I could see players loading up the familiar with heavy items of treasure and just dismissing the familiar and then summon him later along with all the heavy treasure.