Ok, it is still strange. I've used rev6367 to see how it reflect's arcane mages and it seems that simulationcraft actually managems over the manacap.
0.00 Mage_Arcane_T11_372 gains 1350 (1350) mana from food (105548)
This is the mana I start with and it won't go higher from replenish, etc. until
5.88 Mage_Arcane_T11_372 uses Mana Gem
5.88 Mage_Arcane_T11_372 gains 12103 (12103) mana from mana_gem (115070)
5.88 Mage_Arcane_T11_372 gains improved_mana_gem(1)
and from that point replenish, etc. takes it even higher
6.00 Mage_Arcane_T11_372 gains 30 (30) mana from replenishment (115144)
6.00 Mage_Arcane_T11_372 gains 16 (16) mana from blessing_of_might (115160)
6.00 Mage_Arcane_T11_372 gains 219 (219) mana from mage_armor (115379)
6.25 Mage_Arcane_T11_372 gains 44 (44) mana from mp5_regen (115423)
I uploaded the whole (25s) log here
View Code Snippet ยป Code Viewer - Source Code Upload/Viewer