Levels and the Percentages on haste items really have nothing to do with each other as far as I am aware. Basically, there is a cap setting of how much you can be hasted at any particular level. So, at level 20, maybe you can use 10 or 12% worn haste or so. If you are below the level to receive the full haste that the item gives, you still get the same amount of haste, it is just capped at whatever your level allows.
From what Vales is saying, if you had a cloak of flames and were below level 35, you would not receive any haste at all from it, which I don't believe to be true. Also, if what Vales is saying was true. the worn haste cap from items at level 85 would be 86%, which is also untrue. The haste cap is somewhere around 3/4th of your level (not exactly though). So, if you were level 75, the haste cap would be around 50%. I think the actual cap for a level 75 is more like 48%, but that is at least a close rough estimate. So, a level 10 probably has a haste cap somewhere around 7-8% from worn items. This doesn't count spell haste caps, though.
I also think bards get some overhaste spells that let you exceed the cap, but I never really read too much about that and it has been a while since I played live and grouped with a bard playing overhaste.
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