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It says "increases Speechcraft by xx for xx sec", but what does "Speechcraft" really mean?

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Higher speechcraft will give you better prices. However, your necklace with 10% better prices is much better than +15 speechcraft. +15 speechcraft works out to be about 7.3% better prices. That almost 3% difference can really add up in your coin purse over time.

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Speechraft is, among other things, the skill that affects prices you'll get from vendors. So yes, a Potion of Glibness will get you better prices.

It will also improve the success rate of your Persuade and Intimidate attempts.

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As an extra note: The effect's linear. Fortify Speechcraft, as an enchantment, outright says "Prices are X% better". –  Kyte Nov 19 '11 at 19:50
    
@Kyte: That actually raises a seperate, and far more interesting question... Time to do some research. –  LessPop_MoreFizz Nov 19 '11 at 19:55
    
I have two necklaces, however, one that grants +15 speechcraft, and another that gives 10% better price...Perhaps it only grants the % when you enchant yourself? –  Domocus Nov 20 '11 at 0:11
    
No, turns out there're two different spell effects. "X of haggling" will give better prices. "X of glibness" or similar go to speechcraft. –  Kyte Nov 20 '11 at 23:43

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