So I understand that the arrows to the left if the names represent what you have bookmarked and what you have currently equipped, but what does it mean when an item has an arrow to the right of the name, pointing up?

Skyrim releases, forums die. Whelp.

it means its better than what you currently have equipped

EDIT: never mind.

See, that's what I would have initially thought too, but I have a Semitar equipped, and there is an arrow to the right of its name pointing up while I have it equipped.

im curious too - at first i thought it was flagging best avail items but after a closer look that doesn't seem to be the case...