I've been using mIRC for a couple decades now, and I occasionally revisit mIRC's Flood Protection settings (under Options > IRC > Flood) and the documentation that goes with it, and I'm still not very keen on how it's supposed to work.

Those out there using it, how do you have it set up, and in what ways does it protect your client from flooding?

For me, personally, I'm looking for settings that would allow me to queue and throttle all messages that mIRC sends to the server if they exceed M messages in N seconds. Is that functionality in here?

Most servers will kill you for Excess Flood if you send about 25 to 30 commands all at the same time, and will only respond to commands at about a rate of 1 or 2 commands per second, with an initial burst of 5 or 10 commands, varying between networks. It seems that network latency or cpu load can sometimes cause mIRC to exceed these limits.
Well. At least I won lunch.
Good philosophy, see good in bad, I like!