"for purposes of movement and other limitations"
This would imply that is does count for limitations such as "only in light armor", but proficiency is not a limitation.
I would let a ranger wear a mithral breastplate and retain his dual wield style, since it's a limitation.
However, just because the category has changed for some things doesn't negate the fact that it *is* armor, therefor a monk obviously can't wear mithral light armor and not get the standard penalties.
To go from an in-game perspective - a mithral breast plate is lighter, thus doesn't restrict movement as much, but if you're not used to wearing a big plate of metal on your chest, it's still going to mess with your skills.
The question is, is it unbalanced to allow this to barbarians and rangers and other classes that have abilities that only work in light armor? The answer? I don't know. It pretty much changes that retriction to meaning "only in mithral medium armor".
-The Souljourner