every way ive seen the bears anger played in tournies, it simply negates the weapon bonuses. A handweapon alone doesnt really do diddly anyway, and you shouldnt be playing with any penalties.
As far as whether the attacks are magical, this has been a ambiguous topic that has been a subject of debate between rules lawyers and pragmatists. Some say it should because it is the effect of the spell, others say that it only boosts stats and has no direct effect upon the actual attacks made. Speak with your opponent beforehand, it shouldnt really be much of an issue unless you are playing VC or WE (daemons ward is no magic-immune, right?)