If you quick save before running your mouse over an item/chest/merchant or hitting the alt key, you can identify the item or trade with the merchant, then quick load to get different stats or inventory. This can be done repeatedly to get the best stats or specific bonuses on an item (save after finding good candidates) or looking for specific items (such as spell books or charms) from merchants.
I wasted too much time getting good items this way my first game, which made the game a little easy (even with avoiding Frost and not using charms, except one).

Actually, items can be a bit too random. Re-loading for the holy sword and various dragon armour pieces, I saw a few with white names and no bonuses. <img src="/ubbthreads/images/graemlins/eek.gif" alt="" /> In my second game, I decided not to re-load for regular chests, and only re-load a limited number of times for stuff like the dragon armour.

This is what I got;

Nobleman's Sword

Durability 12
Charm Quality 3
Damage 71-100
2 Strength
4 Agility
6 Constitution
60 Magic
Life Drain(4)
Stun(5)
lightning Damage(5)
Spiritual Damage(4)