There's so much misinformation about the MSA, I decided to test it for myself. Here are my findings.
1: The MSA will only proc off melee swings. It will proc off either a yellow or white swing. It cannot proc off elemental damage (so it will not proc off itself).
2: The reason that you often see screenshots of stacked procs, is, simply, that the proc damage comes in the form of a bolt - it is always delayed from the swing. Observe this screenshot of a whirlwind hitting 3 targets. The bolt lands 1 second later on all of the whirlwind's targets, with auto attacks inbetween - now, if you did a special and an auto attack to something, then 1 second later saw two procs on that target, you'd think you just proc'd off a proc; but you didn't, you proc'd off both attacks and they hit the targets as delayed bolts.

(that screenshot was the result of me running around bored in BL after doing a testing session, was just lucky to grab it)
3: The MSA will proc off 1 in 10 hits (again, yellow or white). The rate is the same whether you hold it in main hand or off-hand.
I did a bunch of 15 minute sessions of auto-attacking the invulnerable mobs in BL with different configurations. There were some variations but they averaged out with repeated testing back to 10.
The configurations were:
MSA MH, Maexxna's Fang OH - all auto attack
MSA OH, Maexxna's Fang MH - all auto attack
MSA MH, EoC OH - all auto attack
MSA OH, EoC MH - all auto attack
...and the above configurations, running spamstring
In every single variation, it averaged to 1 proc for 10 swings.
I also did some testing with frost oils. I am yet to see MSA proc off anything but a melee swing.
It will not fix itself to become a percentage of your damage.
It will not stack procs off itself.
It does not work at a ppm rate.
It'd be great if someone else with a MSA could confirm these findings.
It'd be even better if someone with two MSA's could confirm my hypothesis that two MSA's will produce 1 proc every 5 swings.