Rereading this thread, I just can't get past 'why?' on this part. Why is adding a monetary cost adding fun when you're still taking time and still making an Arcana check per the existing rules. Why does it make more sense to find out a sword is a Flaming weapon than to find out that bag holds more than it should?
I'm not sure what you are asking with the last question, but I can answer the first, at least from my perspective.
In (non-WotC) fantasy novels and fiction, people do not find magical items and neccessarily know what they are. They experiment, or take the item to a hermit or sage to examine, or some such.
Now, taking the item to a sage slows down the game a lot. And I understand the concept of speeding up the game.
But, auto-knowledge (note: the core rule does NOT require an Arcana check for most items) is not a good rule. It's a Monopoly rule. In other words, it's not a rule that feels right, it's a rule solely devised to speed up play. This makes it a gamist rule instead of a simulationist rule.
Now, most players are able to handwave away many of the gamist type rules in 4E. This particular rule, however, has gone from being wealth plus a day's worth of effort (too far to the left) to free (too far to the right).
Some people view it as the PCs have defeated the monster, they are ENTITLED to find magic items and auto-know what they do.
Other people view it as the PCs have defeated the monster, if there is one or more magic items there, the goal now is to determine what they do. It's a new challenge, not candy handed out for free.
Different strokes for different folks.
Handing out the info for free just feels wrong. It goes back to many entitlement discussions in our gaming community. The PCs defeat the monster, so they are entitled to treasure in the first place is also part of the 4E rules, in fact, the DMG states exactly how much treasure they should get in every encounter. There are house rules suggestions here on this board on having magic items not add bonuses and just auto-add the bonuses at certain levels because the game system is designed around the PCs having to have certain power of items at certain levels. The PCs are entitled. That bothers some DMs who want to hand out magic at their descretion and when it works for the story, not in 40% of the fights because the DMG states that the PCs need those items to stay balanced (side tracked, I know).
But IMO, the players are not entitled to auto-knowledge and even an Arcana check to figure out a magic item in 2 seconds is still too darn easy for some of us.
Hence, the reason some of us decided to add a Ritual to the game system. It gives the players a choice as to whether to continue adventuring, or spending time and some small wealth (with my house rule) to figure out what newly found items do. There can be scenario situations where stopping to figure out the item helps the party more than waiting, or vice versa. Pros and Cons, not just auto-pro of taking a short rest and Shazam, we know what all the stuff does.
The core rule makes the PCs appear to be omnipotent when it comes to magic items. That feels wrong. WotC threw the baby out with the bath water with this rule.