I just ran some tests on a reincarnation character.
I planned to max my rogue skills at 127 with 12 on stats from items and more than sufficient on skill bonuses from gear. I figured in above the cap points from ESFs and 5 from the skills gained from pre-Epic tagging.
I wound up with 122 not 127 in all three skills in both an in-game test and in the list skills function.
I do not believe my math to be incorrect, so my question is what good are the skills from tagging, if any? Might I have done something else incorrectly? Is it known whether the same is the case across the board with skills (besides the ones like tumble which have a particular number of actual ranks needed)?
The skill points gained from lowbie tags are in the +50 Cap iirc. If they're not applying correctly you may have to log onto a fresh server or have the toon die to get them to apply to the toons skin correctly.