@Canageek Correct. The thing stays equipped, but you do not gain control of the equipment. The other player can re-equip it as a sorcery.
@Canageek You got a correct answer already, so I'll bring up a corner case. If the equipment gives the equipped creature lifelink, then when it does damage the creature's controller gains life just as you'd expect. If instead the equipment says when it deals combat damage you gain 3 life, then when that's triggered it applies to the controller of the artifact, not the equipped creature.
Look carefully at the difference between "Equipped creature has..." and "When equipped creature does..."
@Canageek [[Sword of Light and Shadow]] is an example I can point to. The first part applies to the equipped creature, the second part applies to the artifact's controller.
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