Sellrate is correctly implemented. It is a multiplier to determine the price a NPC will sell an item for. (If this change has effected the price they buy for in any cases please let me know as that is not intentional.) Remember, to Sony the terms "buy" and "sell" are on the NPC, NOT the player.
For ages, the kids have been complaining on TGC that many tradeskill items are selling for way too low. Skilling up a tradeskill should cost you money, in these cases they were making money off of it, hand over fist. So, I took the list of the 103 items I compiled that had incorrect sell prices in-game when compared to Allah and EQTraders to determine what was wrong. I found in all 103 cases, I could get to the correct sell price by multiplying the price column by the sellrate column.
Trevius, Augment Distillers are correct now, they aren't supposed to all be 1cp
In your case, the sellrate multiplier will increase them to their proper values. However, it seems Sony has gotten some smart and in the newest 13th floor database on PEQ, they lowered the sellrate to 1, and increased price to their proper cost for distillers. All they had to do was flip the columns of course. If you want to players to only get 1cp back when selling a distiller, then you should keep your DB. But, if you want players to get closer to the purchase price as it is now on Live, then you should upgrade your items table.
If you have an item that isn't selling for the correct price, please post it. But, I am certain we now have correct item prices on EQEmu.