Magic Resistance and Magic Items

Lets say I have a magical sword. It is enchanted with a 1-day PeVi effect for slaying demons. Because I'm using the sword to fight a knight, the PeVi effect has not been activated.

As such, the item is enchanted (magic item) but it is not currently under any magical effect (enchantment is off).

Does it need to penetrate MR to hit? If so, what is its penetration total?

Lets take that further:

I have an arrow that I have enchanted (as a one-shot item) to cast BoAF on whomever it strikes. At the point that the arrow strikes, it casts BoAF. Now obviously the BoAF needs to penetrate, but does the arrow itself need to penetrate? Because at the time of the strike, the arrow is not under any magical effect...

So where exactly does the enchantment/MR pink-dot-ness of all this lie in these cases? Thoughts? Useful references?

Ugh. This is a real pickle. My best answer is: "find an agreement with your Troupe".

I really, really hate the Pink Dot, and find it an abusive exploit that a cosmetic, insignificant effect causes PM to block everything.

I feel that PM should block any effects failing to penetrate, but not any entirely mundane parts. But that is perhaps a bit over the top.
E.g. a completely mundane sword with Blade of Virulent Flame. If the Ignem effect fails to Penetrate I could see the fire not affecting the magus, but the sword itself would.
Edge of the Razor? The bonus damage doesn't count, if the effect fails to penetrate, but the sword does still effect.
Pink Dot on a sword? The Pink Dot itself does not effect the magus (then again, a cosmetic effect never does) but the sword does!

Problem solved, no Pink Dot dilemma. Not really, because there are plenty of situations where this method does not make sense.
E.g. a MuTe effect to dull the sword edge. If it fails to Penetrate only the unmodified sword affects the magus...but that's no good, we're just as screwed as if we had cast no spells.
A spell to turn steel into glass, so the blade breaks on first blow. Again, my method would mean the unPenetrating effects is disregarded upon touching PM, so once again we take the full blow.
In this method we're better off using Momentary Perdo to ruin the sword rather than non-Momentary Muto. Just the opposite of Hugh of Flambeau from MoH.

I don't think my ideas solve anything. Then again, I may not even need to, because I've nevr experienced any problems wirth this ever.

This is the way I've done it. And it always seem to work fine for my group. And this is the method I would stick to even if I had a new group. Easiest way to prevent any arguments and rules debates.

If the effect is not active, there is no blocking.

Though for the purposes of your arrow example, consider the parma a field that extends from the magus' core to just outside their body. The arrow will get through, but the instant it casts the BOAF, that gets blocked by the parma. Same with a creature's might (which is RAW supported by the fact certain powerful magic creatures can produce their own aura from their might)

Thanks. This is what I'm leaning towards as well, though I'm struggling to find handy clear references. The best I've come up with so far is this from inference.