Ok, I have not found this yet, but it is my next quest.

However, after reading the Wiki page on this item, the notes say that the shield will not be in anyone's possession for long.

Has anyone found this item yet.

If so, have you lost it yet? How long did you have it for? Or how long have you had it for?

I've had Spellbreaker for several levels now.
My companion Eola has it equipped. I haven't noticed any issues- in fact, I wasn't aware that there were any.

It won't be lost ingame.

Mine has been adorning a wall in Prousdspire for many weeks.

Thanks for all the info guys.

When I get this, it definitely will NOT be hung on a wall.

It will be used to it's full potential!

I lent mine to the Riverwood scooby gang and they've been using it as a snow sled.