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Since the beginning of the game? Well, in beta, I think there might have been some changes to it, I can't remember, but it's been that way since at least late beta. And you're right, actually, I'm not aware of anywhere that clearly states that there is a cap to movement speed bonus (aside from skills, those don't count). It's just something that was figured out early on, probably much the same way you have figured it out, and it's pretty widely known by now.
Yes.. Item movement speed cap is set at 25% movement speed. Some skills such as the barbarians "sprint" give you skill movement speed which can surpass the 25% movement cap, but as far as gear is concerned 25% is the cap. There is no bug there.
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