Using SCORM 1.2 test package from:
Create activity and set 'maximum grade' to 5 (the maximum total set by the package - it has five questions and sends a cmi.score.raw of 1-5).
Grades reported on the SCORM package 'Info' tab are in percent but show the mark assigned and do not take into consideration the 'maximum grade' setting (so if I get 5 out of 5 it shows 5% not 100%).
Scores are correctly recorded in the gradebook and reflect the maximum grade setting (so if I get 5 out of a maximum of 5 the gradebook reports a total of 100%).
According to http://www.scormcourse.com/scorm12_course/resources/coreScoreRaw.html cmi.score.raw could be either a score or a percentage.