Various phenomena in tachistoscopic word identification and priming (WRODS and LTRS are confused with and prime WORDS and LETTERS) suggest that position-specific channels are not used in the processing of letters in words. Previous approaches to this issue have sought alternative matching rules because they have assumed that these phenomena reveal which stimuli are good but imperfect matches to a particular word--such imperfect matches being taken by the word recognition system as partial evidence for that word. The new Letters in Time and Retinotopic Space model (LTRS) makes the alternative assumption that these phenomena reveal the rates at which different features of the stimulus are extracted, because the stimulus is ambiguous when some features are missing from the percept. LTRS is successfully applied to tachistoscopic identification and form priming data with manipulations of duration and target-foil and prime-target relationships. (Contains 6 figures, 4 tables and 15 footnotes.)