It has limited but valuable uses. At times you'll be collecting things that look very similar but are different when identified - lucid shards for the VT key come to mind. There are 10 of them, and it typically takes a long time to collect them; chances are by the time you have 8 of the 10 you're going to have a hard time remembering where they came from unless you've made a list. Identifying them can help.
But yes, I think the spell was probably put in as a way to raise Divination for some classes that might not use Div very often except for invis. In that sense it is very like True North, which is really pointless now that everyone has max senses heading.
____________________________In a time of universal deceit, telling the truth is a revolutionary act.