Does the PCMCIA card work when you cold boot? I know it doesn't on any of mine - I need to reinsert it after the machine has booted. This is a known issue with the design of the A1200 motherboard (something to do with the card reset line being inverted or something) and can be overcome with a hardware fix, or worked around with a software fix.
The 8MB thing comes into play when an accelerator does not remap the 8MB of memory out of the Zorro-II window. As the A1200 accelerator bus only carries the first 24 bits of the address bus, the accelerator slot can only support 8MB of RAM. The more basic accelerator boards simply use this bus and so are also limited to 8MB RAM. The problem comes from the PCMCIA slot being mapped at an address 4MB into this 8MB window, so effectively it conflicts with the upper 8MB on the accelerator. So, software trying to write to the PCMCIA card will also be trying to write to the RAM above 4MB, and that's never going to end well, but you might just be lucky enough not to be using the memory at 0x0060 0000 for anything critical, and so your machine doesn't crash. It is really odd though that it works at all - you sure you don't have that accelerator jumpered to 4MB?
More advanced accelerator boards get around this by using their own 32-bit addressing, and so therefore can map the RAM to a nice safe address above the 24-bit limit. This also has the effect of allowing more than 8MB.
Anyway, neither of those issues are myths, they are hard facts which can be seen from the A1200 schematics. It's possible you're just very lucky and your hardware doesn't need the PCMCIA reset signal, and some odd configuration thing lets the accelerator and PCMCIA play nicely...