Yes, the Rested Bonus is percentage based. It would be advisable not to waste it on any of your low level characters!
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Well, I asked 3 of my friends that I static with and they are saying something to the effect of, "Now that you mention it, no I dont believe the bonus is being applied to my exp.." But again, ill check when I get home. Surely 8 hours is enough to tell if I got any rest bonus. Ill post and let you know. I may just be overlooking it but I remember it being exteremely easy to tell if I had it in phase 2 and 3.
Rested experience is working as intended right now as far as I can tell. So long as you log off or afk in a rest area (little moon symbol beneath the exp bar) you'll earn rested experience. It's designated by a darker shade of orange along the bar, or turns blue if it carries on to the next level. Also, it seems that it's percentage based, so if you'll earn an extra 50% of your level from rested experience as, we'll say a level 25 marauder, then you switch to a level 1 arcanist, that rested experience will only last for an extra 50% of that arcanist's level, and not the amount it would have for the marauder. This makes it more beneficial to use on higher level classes.
Also the bonus is pretty much applied only to the exp gained from mobs, not quests.
when you see a moon under your xp bar your collecting the rested bonus.