scroll down the page to the post that starts with "AndyB: Experts vs. Master, etc." and you will se that Khilara did a rather extensive test on the effects of Master level magic with skill levels in excess of 25 with two stacking items used. I.e. 26(1.5)(1.5). He went up to 63 with those items and in most cases they worked with GreyFace's patch. In my case (in TCC), with Ring of Morgana (of Light and Dark) and a Ring of Light Magic and my Light Magic at Master level 50 (50(1.5)(1.5), I am getting out of this world figures on stats (700+) with Day of the Gods and almost 1 full day of Haste with Hour of Power.
Also, I DO NOT get that reset if my XP exceeds 16,777,215 and I get an XP bonus.
The only problem I found was that Cure Disease did not work, but Power Cure cured more than 300HP of Damage per use.
I dunno where you are getting your figures, but these are the facts as I personally have observed them. If you are a game developer or programmer then you must know what the exe file contains. I am neither so have to rely on other people's judgements and what I can personally observe.