A few of you have brought up this point...The 1 action cost is unfortunate, if you ask me. I don't charge PCs for thinking during combat.
However, the failure rate is fine because if you're in encounter mode, somebody's life had better be on the line. And if that's the case, clear thinking isn't always easy.
Why shouldn't thinking take time? 1 action point is 2 seconds. IRL where we are safe and have no pressure there are plenty of times where we are trying to remember an actor from that one movie and its on the tip of your tongue. Let alone the difficulty of fighting that flaming skeleton or 8' tall troll wanting to eat your face.