How precisely does Identify work?

[Argosy]

I know that If I try to ID and succeed, I can continue to do so with other items until I fail.

Once failing, how long is it before I can attempt to ID something again?

How does this change with ranks in the identify skill?

[joebob]

identify is similar to magic in that you can use it untill you run out and it will then slowly recharge itself. how many times you can use it is dependent on your lvl in that skill. i'm not sure what the formula is for how long it takes, but you could try identifying items by a campfire so time will fly in-between.
another option is simply to pay for identification in a shop, once you do this that particular item will always be identified. for example it will say "goblin sword" not "?weapon?" when you approach it lying on the ground.

[MoCus]

actualy that is NOT correct.. paying to identify will identify a single item only

identifying an item will identify it and every other exact one you have in your invantory

if you already have an identified "Goblin Sword" and you pickup another it'll already by identified

BUT if you already have too much of the same item (dont ask me exactly how many cuz i dont know) than it'll say ? weapon ? disbanded instead of aquired cuz the game is stupid...

[terran698]

i have increased my identify skill to around 8 or 9 and now can identify almost anything 100%. i have identified a sceptre of flame with 100% identify in the box. the higher you go with it the more often it works and if it high enough you dont have to worry about cool down as it always identifys.

edit: i have identify at lvl 10 and can identify anything! be it trinkets rings deathlord armor any weapon etc... i think identify is totaly worth lvling up to 10 (if you reopen the same chest so u see what u get).