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The correct interpretation is:
The critical strike damage bonus for spells is 50% of the noncritial damage; 100% for melee. (Critical strike damage bonus = critical strike damage - normal hit damage.)
Talents that increase this increase the bonus, not the base damage, so Spell Power increases the 50% bonus by 50%, multiplicitavely, so the total bonus is 75%, meaning the total critical strike damage is 175%.
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