I did some testing on world bosses. I have no spell penetration via gear or passives so spell penetration is not capped. No other players around debuffing. I attacked multiple world bosses with and without Major Breach and my calculations come out the same. I am using Weakness to Elements skill. Example:
With no Major Breach: 4509 damage
With Major Breach: 4642 damage
That is a measly 2.91% damage increase. Is that right?