The final burst of damage as it expired was hitting for up to several hundred thousand, so yes. Last build buffed it massively, and they completely overdid it. This should bring it back down to more reasonable numbers.
That would seem to indicate that the change in the conversion rate of melee hit rating that has been noticed on live (only needing ~246 to cap at 80) is intended and will carry over up to 85. Previously, capping melee hit gave you ~11% spell hit, so an additional 6% was enough to cap spells as well as melee, but on live, capped melee hit +6% leaves you somewhat short of capping spells.
I agree this needed to be nerfed after hitting for 175k (lol) but it's current state on beta is way overnerfed....
Hits for 15,000 to 18,000 which is pretty pathetic
My tooltip says
Guardian of Ancient Kings now causes 436 damage plus 436 per Application.