yes, it does. FT cap applies to all worn mana effects. Hard cap on all worn mana regen (mana regen from worn effects on your gear, like FT, but also effects such as Composure and Blessing of the Vah Kerrath) caps at 15 mana regen.
All WORN mana regeneration counts toward the cap of 15. Items that CLICK mana regeneration of any type do nto count towards this cap of 15, therefor lunar whispers / concentration potions / Phylactery do NOT count toward this cap of 15 since they are clicked and then become a BUFF, which, to my knowledge, has no cap, or if there is such a cap it is as yet unnatailable.
Well not all worn affects cap at 15 - lunar whispers adds on FT even beyond 15. I was under the impression that composure was also something that took you over the FT15 cap - now that FT has been changed to "mana regen" it should be easier to tell by looking at the stats.
By the time one person can actually aquire all four essences from there guild, they probably are well on there well to all the item rewards from it being basically trivial. There is a reason that mage took it, and that reason is not becaue it's a "fun" item, it's because the only reward from this quest that has stats and foci that can compete, is the ring.
And even considering that, the ring is not that great.
lol, i ll probably never aquire an item like this, but why have they put a string modifier that other class can't use, and a focus that bard can't use...
Look at it the other way: it has a string modifier that bards use and an effect that other classes use. So everybody gains from it, be it in different ways.
Mind you this is the result from a quest where you can choose your reward, so you could always get one of the other items should you want that instead.
First off you gotta be 65 with more then decent gear to take down the gods. And if you can take down all 4, you will be flagged for time so don't even think about this stuff. It will drive you insane.