It is a quite doubtful improvement:
1. It does not show how much items guards will take.
2. It will not tell if the trader will confiscate the item or he will not.
3. It will work only with enabled "owned tooltip" feature.
4. The purpose of the "owned" indicator is to aware user that the interaction with item will be considered as a crime.
It is a quite strange to see an "owned" indicator on item in the player's inventory since it is not owned and interaction will not be considered as a crime.
5. It is unclear how this patch is supposed to work on items in containers or in the trade window. From what I can tell, it just will mark an item as stolen if the player stole a similar item a long time ago. It can lead to confusion since player may think that he is not permitted to take items from this container. The same thing for items in the game world, if UI is active.