doesn't seem to work well when using item links
sample link (random weapon from a random level 120 guy in orgrimmar, since my highest char in beta is only 111)
Code:
"|cffa335ee|Hitem:154416:3370:::::::111:63:512:11:2:4811:4815:120:::|h[Trogg Saurolisk-Breaker]|h|r"
new api returns 229, that's the item level of the weapon scaled down to level 111 (my level)
i'll try it again in a month
edit: the problem is that the linkLevel in the itemString returned by GetInventoryItemLink() has to be adjusted, still faster than tooltip scanning