To be clear, let's break it into cases.
- >50% MP, disruption shield still has shield power. In this case it will absorb damage without costing any MP, until its shield power is gone.
- >50% MP, disruption shield has no shield power. In this case it will absorb damage using your MP until your MP reaches half, then it will deactivate.
- <50% MP, disruption shield has no shield power. This case can't be reached.
- <50% MP, disruption shield still has shield power. This is the zinger. In this case it will *not* immediately deactivate. But nor will it absorb any damage for you. It will look as if you have full shield power, up until you are hit by an attack. Then it will deactivate (without absorbing the hit) and your HP will take the damage. It will also deactivate if you cast certain spells; mana thrust and arcane eye are examples. It won't deactivate if you just walk or use non-mana-using abilities. Certain spells, such as mana surge rune or time shield, also won't deactivate it.

My effective HP here is 366 (ignoring negative hit points) - it looks like 366+1291, but it's not. If something does 500 damage to me in this case 4 state I will die. In previous games I assumed, because it looks like this, that the shield power in this state will still protect me even though I'm below half MP. That's not true and the misunderstanding may have resulted in my death once or twice.
IMO this should be redesigned. One option, disruption shield could prevent case 4 entirely - so as soon as you dip below 50% mana the shield is gone, and doesn't show any shield power. This would avoid misleading people into thinking they are protected when they are not. For the other option (imo better) disruption shield could continue to work in case 4 as long as it has shield power, and only deactivate once the shield power is gone if you are still below half MP.