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Putting this here until somebody experiments more to confirm this:

The formula for the chance of success is:

0.8 + (Spirit level * 0.01 + Earth level * 0.01) - (0.2 * N - 1 to enchant +N-1 level gear to +N)

This account for the fact that going up one level for enchanting will decrease the success chance by 20%.

- Techknow