This can determine what a magic item does, but not it's command words (if any), exactly how powerful the item is or the number of uses it may have left.

Detect (Magic, Occasional) [9] 
    Cosmic (No Die Roll Required) [+100%] 
    Analysis Only [-50%] 
    Melee Attack (Reach C, No Parry) [-35%] 
        Requires touching the target of any given spell to analyze it 
    Magical [-10%] 
    Spell Components [-20%] 
        Must say "identify" in Latin 
        Must gesture with hands 
Level 2 [11] 
    Add Extended Duration (x3) [+20%] 
Levels 3-7 [13/15/17/19/21] 
    Improve Extended Duration by 1 step [+20%]