Does Find Rare Items actually work?

In Borderlands, some COMs like Scavenger and Catalyst can come with a bottom line bonus which is either +1 or +2 Find Rare Items. What's this do?

1 Answer

There was some wonderfully scientific work [404] done by Scottes [404] over on the Gearbox Software Forums. He summarizes, "I can't tell the difference between FRI and non-FRI runs." In other words, Find Rare Items does nothing.

Here are his two posts on the topic: 1 and [404].