I don't think anyone's pointed this out in this thread, but if so, please forgive the duplication.
Alric being Mazzarin explains the cryptic conversation between Alric & Sinis, something that's always puzzled me.
"Ah Sinis, I thought you died when Mazzarin collapsed the shrine of Nyx on you"
"Yes Alric, I'll wager you thought _you'd_seen_ the last of me!"
I emphasize "you'd seen". Mazzarin died ages before Alric was born. How then, would Alric know the shade was Sinis (his name's not stamped on his forehead), and why would Sinis refer to Alric having seen him before?
If Alric is Mazzarin it all makes sense. Another possible is that if Alric is the A leveler (or is it B?), then he'd known Sinis in his previous incarnation, but I like the Mazzarin idea.
Also, as far as Alric's perceived lack of magical ability is concerned, perhaps Mazzarin used a lot of his powers in reincarnating himself as Alric, hence he's still rebuilding his strength. Perhaps he's hiding his true ability until he deems the time has come to do so.
A few more things ... Alric knows how to use the Elbis stone, an artifact that has been hidden since the days of Connacht. He also was the Nine member who knew where it was hidden. He knew that arrows from the Watcher's arm would turn him to stone, knowledge that perhaps only an ancient adversary would possess.
Finally, I'd guess that Alric knows how to use the Total Codex & turn it to any page he desires, something that only Mazzarin could do. Sure, he says its to avoid it getting into enemy hands, but I'm pretty sure he knew how to use it as a weapon himself. But that's a guess.
*cheers*
-Iron