Just tested an SM cathedral pull - which is a pretty big one, and I can't tell any difference at all in the amount of damage done per target. I don't know what the old damage cap was, but it must have been pretty high and this new formula isn't quite as bad as I had imagined. I believe I was doing about 90-95% of my previous damage with consecrate.

The only bigger pull I know of is Stratholme (single pull all of undead side), I'll test that one out but I have a feeling that you will still be able to put out enough damage to kill everything (although it may take slightly longer).

So, keep on boosting