While you don't get a whole or of experience for experiments and you'll often end up with a lot of failures and cheap potions its the only way to quickly and effectively discovery effects. Unless you're keen on spending 3 perk points on the perk that has to do with eating. While it'd be easier I have other uses for those points.
One thing that I like however is that if you test am ingredient with another and its useless, that ingredient is greyed out if you select the other. That way you don't make the mistake of continually mixing useless things together. Rather handy and makes "going down the list" quite easy.
I've noticed that. One thing I haven't figured out yet. . . if all the effects for two ingredients are already known, but you've never combined them, will it still be smart enough to grey that combination out? The reason I ask is that there's something like 40 ingredients in the game. To combine every single ingredient with every other ingredient represents an astronomical number of combinations.
Let N = the number of ingredients (let's say 40)
Then the number of combinations is N * (N -1) * (N - 2). . . * ( 2 )
That is, you keep subtracting one and multiplying until you reach 2. This operation is called the "factorial" operation, and the usual notation to express this operation is:
n!
Well, 40! ~= 8.16 * 10^47.
If the game greys things out once you've discovered all 4 properties on each ingredient, though, you could shorten the number of tests up a LOT (but it would still probably require hundreds of tests).