After running some comparison and calculations I found out that Surge Rating softcaps at the very base of 50% already.
Patch notes indicate that the intention was to bring Surge Rating in line with all other stats. I cannot find any other stat though that receives diminishing returns right from the base.
At 60% Crit Multiplier the DR already becomes significant, at 70% the return shrinks down to approx. 33% of its initial value.
As a result taking more than 2-3 items with surge rating is a complete waste. Yet, itemization basically forces me to either go high surge/crit or power/alacrity which seems to be very unpopular among many classes (I know as a Merc Healer I dislike Alacrity).
Personally I feel like the DR curve is either too steep now or starts too early on.