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I didn't grind for it myself, but I believe it has a strong dot aoe on every hit. So not exactly a "1 shot' kill but still probably the best sword...
I totally agree with you about ignoring the timed identify at higher levels. But I always pay to identify before selling it - Sell unidentified...
At some time you could buy potions using the potion buttons, but only if you have none of that type. Don't know if that still works.