Makes a lot of sense. So if you're flying away from a repel, you will only go faster if you keep thrusting forward. That's probably why the OP thought the velocity was 'added' to the repel speed. But if you're not thrusting at all, you will only go at RepelSpeed.
And that does not work if you're too close to the repel, because of the 5x/second thing, you'll get set back to RepelSpeed even if you try to accelerate. So I guess it only works as you get out of the RepelDistance just after you're "hit" by it.
Interesting. I always wondered what the occasional speed boosts were about...