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My understanding... perhaps very flawed... is that they have altered the display of the old stat and applied some sort of capping for reasons to do with newer/upcoming content. Further, that any caps thus applied are at the current max you could theoretically get with the mod at present time.
Not sure how close I am on that...
You're correct.
Items with % modifiers continually gained in power as skills increased (they scaled indefinitely). So a 10% mod would give you 20 extra points if the cap was 200 and 35 extra points if the cap was 350 and 40 extra points if the cap was 400.
That's one reason that trivials became so high on tradeskill items. They wanted the item to come in the world at a certain rate, but since they had to use 345 as the max skill not 300 since the 15% item was easy to obtain.
Now, it's capped at 45 points bonus no matter what the max skill is.
I wonder if this has set the stage for a raise in the tradeskill cap next expansion.