In the 5e rules system, spells associated with magic analysis are more powerful than AD&D2. Some adjustments are made to bring these back into alignment with Nolarian History and it's magic system (which differs from 5e).
In the original rules system, D. Magic would tell you if something was magical or not. Sometimes, it might tell you how powerful the magic was by the intensity of the glow. Not much beyond that. In 5e, D. Magic includes knowing what school of magic the item/thing/etc is. However, school of magic isn't given in the DM guide.
Interpretation
Successfully cast, Detect Magic will tell the caster if an item is magic or not. It will convey relative power: very weak, weak, typical, powerful, and very powerful. Also, a general classification will be given, if it makes sense, using the following guidelines:
Elemental: earth, air, fire, water.
Protection: AC improvements, defenses, wards, etc.
Combat: weapons, for the most part.
Racial: specific to a race.
Entity: higher beings, gods, etc.
Worse is the Identify spell. In AD&D2, identify would give you one or two clues about an object or item. In 5e, Identify provides:
List of properties
How to use it
Attunement requirements
Number of charges
Spells that are affecting the item and what they are
If created by a spell, what spell was used
In earlier versions of Nolaria, Item Analysis was a skill associated with divination. There were tools associated with using the skill and characters who pursued it got better at it over time. Also, magic items were created using cabbalism, alchemy, and artificing - all special skills with different levels of capability.
The 5e version of this spell takes a lot of the mystery of an item out of the picture. Cast ID and .... done.
Interpretation
The use of Identify will yield 1d4+level details. Details can be spent by the caster as follows:
1: a property of the item
1: attunement requirements
2: how to use it
2: number of charges
Additional analysis can be done by an analyst, diviner, cabbalist, alchemist, or artificer. Knowledge in these specialties grant the mage additional details.
Artifacts and very powerful magic items will not yield to a simple Identify, requiring specialized work.
Per the 5e rules, this spell will give information about the history of something, someplace, or someone. That history might be tied into properties, as the example in the PH shows. It is not a substitute for identification and analysis, however.