My user page at http://chat.stackexchange.com/users/16051/takrl currently looks like this:
The combined flair currently looks like this:
(Used images for both, so the post stays consistent over time)
So, it looks like the rep shown on the chat page is cumulated over all accounts, regardless of the fact if they're >200 or not, but the badge count shown is the one of my main profile at SO and they are not cumulated.
Why the difference? If you're cumulating over all accounts anyway, why not the badges too?
Note: This is not meant to be Tag whoring, so to speak, I'm just wondering about the inconsistency. And it's absolutely great from a rep-whoring point of view :)