Yeah, the level of analyze dweomer seems to have more to do with certain matters of taste than with its overall power. It could easily be considerably lower level. This would change the feel of things, but not necessarily for the worse.
Thanks Pirate, I'll have to take a look at it, and most likely house rule my games "that spell doesn't exist, identify works just fine and reveals the item."
Seems that the Identify-Situations annoys more than just a handful of DM's: IOC, we found some glasses that let you completely and instantly identify two items per day.