$identity is the replacement for IDENTITYCOL. IDENTITYCOL stands for Identity column name in a given table.
Since IDENTITYCOL is being depricated from SQL Server 2012, It's time to place it with $identity in DML statements.
So going forward we should use
SELECT $identity FROM Customers (retruns the CustomerID column values)
SELECT IDENTITYCOL FROM Customers
commented on Aug 23 2012 1:47PM