IMHO, the "simulate entering text" behavior should be a different message, such as WM_MENTERTEXT. The command prefix can change from instance to instance, but the "say" command doesn't, therefore it's more reliable to prefix "say" than a slash or whatever character; and the name of the message, WM_MCOMMAND, implies that the contents will be executed as a command.
However, my use case might not be typical, such as if most other IPC applications aim to simulate the editbox, not run commands.
The addition to the docs might have prevented my mistake, and might do so for others; all I did was "spam" a channel with 4 script commands. IMHO, what Khaled said,
In order for text to be processed as a command, you would need to use the / command prefix, the same as in an editbox.
would be a much more helpful addition. But I'm satisfied with that.