I have read on many forums/chats that the Werewolf form counts as being unarmored and thusly the Mage Armor spells and perks work. However the following wiki site: http://www.uesp.net/wiki/Main_Page states that the werewolf form does NOT count as being unarmored and that for the max perks to work I have to undress before transformation. I dig being a werewolf but want to make sure that I don't waste half my perks trying to boost what cannot be boosted. I would like to get as much info as possible so if you wanna post some text walls go right ahead.

I thought Werewolves armor rating was based off Light Armor....

That was a bug that was fixed apparently.