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I issued a new sausage token and gave 1000 sausages to my other account in some shady barbecue related dealings. This other account issued an offer to sell 500 SAUSAGE at a rate of 0.33 XLM per sausage.

Apparently there are no effects as a result of this. The documentation says I should see an offer created effect. Have I done something wrong, or is this a bug?

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Effects Offer Created, Offer Updated, and Offer Removed are described in API docs, but not yielded by the Horizon. Check the bug description for more details.

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