I also think it's an interesting idea, it could be used to allow secretly cursed items in the game, like in the old Baldur's Gate/DND games. As for looking at enemy stats, I think it could be made very useful but not gamebreaking, if high levels of loremaster let you see maybe 1 - 3 skills that an enemy has equipped for use.
I'm also always up for more lore and flavor text in games that let you know more about the world and its inhabitants or history.
