When teaching a Familiar Magic Theory, does the familiar bond cancel out the learning penalty from Might?
Familiars don't have a learning penalty from their Might.
Which my troupe generally takes to mean that...
QED.
And reinforced by errata for RoP:M
Advancement (p. 51-2): On page 52, add the following sentence at the end of the first section, immediately before the Transformation header. "Finally, as stated in ArM5 (page 105), magic creatures bound as familiars to Hermetic magi learn in the same way as humans, and retain those Abilities if the familiar bond is broken."
Yes, but be careful with the language. Typical Familiars (Magic Might) still have a learning penalty from Might. It just doesn't apply to learning Abilities, so there is no penalty at all for teaching your Familiar Magic Theory or other Abilities. However, nothing has removed this penalty from Transformation, so we really can't just make a blanket statement that these Familiars no longer have learning penalties from Might.