I've been playing roguelikes for 20 years now, but I had a gap of several years when I hardly touched them. I realized why one day: I desperately did not want to deal with the tedium of identification. So I downloaded the newest version of Angband, made rods of perception early and common, and bang, instant Angband enthusiasm once again!. Now I give T4 the same treatment; I make scrolls of identify free and have them ID the whole pack. I'd prefer to not have to do even that, but I don't know a way to make that happen (besides complaining on the forums

I wonder what the reaction would be if identification had never existed in ToME, and Darkgod suddenly included it in beta 11. I suspect there would be much irritation at the introduction of a meaningless obstacle standing between you and actually going out and killing things.
Okay, now I'll go ahead and argue with myself.
Identification does add a certain something to the game: the thrill of discovery. As things stand now in T4, this isn't a big factor except for seeing things like A Glittering Longsword or A Dragon Shield, but it would come into play if we had high-level potions and scrolls. Coming across a new potion in one of the Orc Prides would certainly cause you to sit up and pay attention. The thrill of discovery will be a bigger factor in future versions, I imagine.
So with the goals of retaining the thrill of discovery and simultaneously eliminating tedium, I have a few possible reforms. All of these apply to gear, not potions and scrolls.
1) Instantly ID everything you walk over except for artifacts. When an artifact is encountered, it has a flavored description like is currently the case. For example, "You see a beautifully-wrought dagger." Or "You see a set of steel gauntlets glowing with power."
2) Instantly ID things as described above, but only things of a certain power compared to your experience or level. Starting characters only know about completely non-magical items, level 50 characters recognize everything but artifacts. Never insta-ID artifacts, instead treating them as in suggestion 1. Tune things so that encountering unidentified items is still fairly rare, at least enough to keep the thrill of discovery.
3) Instantly ID average weapons and armor, but make ego item ID work like ID with potions and scrolls. You find one Phase weapon, you'll recognize another when you see it. Keep artifact ID as in suggestions 1 and 2. Throughout the game, encountering unIDed items remains rare and exciting.
If removing one of the biggest gold sinks is a problem, reduce gold drops or something. Hell, I'd put up with NO gold drops if it meant I didn't have to deal with the hassle of identification.