After learning that the Witt vectors of a finite field of size $p^n$ is the ring of integers of the unramified extension of ${\mathbf Q}_p$ of degree $n$, I think lots of people then think that the Witt vectors of $\overline{\mathbf F}_p$ (the algebraic closure of ${\mathbf F}_p$) is the ring of integers of the maximal unramified extension of ${\mathbf Q}_p$. It isn't: the integers of the maximal unramified extension is the union of the Witt vectors of the finite fields of $p$-power size whereas the Witt vectors of $\overline{\mathbf F}_p$ is the $p$-adic completion of the integers of the maximal unramified extension; the distinction turns on being able to write Witt vectors over $\overline{\mathbf F}_p$ as series with coefficients that are prime-to-$p$ roots of unity of increasingly large degree instead of having bounded degree.

I was at a conference last fall where a famous mathematician was confused by this point, although to be fair he really never worked seriously with Witt vectors before.