It's pretty tedious. There are these practice runes you can buy and skill up with so you don't have to research actual spells with words/runes/pages the entire way, but it's not exactly interesting and you get nothing out of it besides skill points. If you were to level the skill up exclusively through real research, it takes a really long time but can essentially be done for free with dropped pages. And at the end of the day, there isn't much money in research.
Personally, I've never bothered with it. The amount of hassle and time involved is just too much for the payoff. In the time it takes you to level up the skill and obtain the right words, you could probably have farmed whatever amount of money the desired spell costs in EC. The majority of researched spells are crap that you can easily do without, each class has maybe 5-10 research-only spells that actually matter.
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