If the sum of your INT and WIS exceeds a d60, you are able to identify one item. This number increases to 2 at level 10, 3 at level 20 and 4 at level 30.
If you succeed, or if everything in your pack is identified, the technique is reusable after 500-2000 turns. Otherwise, it is reusable after 500-1000 turns.
This technique can be abused through the LIMIT mechanic: get yourself to low health and keep opening the #technique menu and waiting until "LIMIT" is displayed. Then you can spam research until you have everything you want identified. The technique will not use up and you will be able to do it again next turn, just make sure "LIMIT" is displaying every time you use it.