According to official word from VI (although they have been known to be very wrong about their own game....) here's how skill caps work: It adds the listed percentage to the value of the skill, including going over skill caps, *BUT* no skill can go over 252 EVER, even with skill bonuses. Apparently that's hard-coded into the game math. So a druid or ranger with 200 forage and this item would have an effective forage of 220, so yes it will help with epic quests. On the other hand, if (as Fyrewalker, below) you have a 50+ druid with maxed meditate (which is for a 50+ druid, iirc, 252), then a Skill Bonus to meditate will indeed have no effect at all.
Hope this helps someone.