The character literally knows what the scroll will do, as that is imparted with any understanding of the scroll (i.e. the character has read it, but not out loud so as to activate it). The true duration of any variable duration is, of course, only known by the DM.
Though this may just be the case with our gaming groups, Protection Scrolls need not be identified. Our reasoning has been that, as anyone can use a Protection Scroll, including characters incapable of understanding clerical magic or unable to cast read magic, the nature of Protection Scrolls is they are inherently understandable. In other words, you don't need a wizard to say, "Here. Let me cast identify on this scroll so I can tell you of the magical text you are...um...able to read anyways. Stop laughing! I know a lot about scrolls! I'm a very important person!!!" That being said, the same applies to Cursed Scrolls.
Finally, a DM might even extend this inherent magical understanding of Protection Scrolls to illiterate characters, though I would extend that same courtesy to Cursed Scrolls too, as they work in a similarly unrestricted (class-wise) manner. _________________ - Moderator/Admin (in some areas)/Member -
...does the reader know, upon reading the protection scroll, that the effect will last for, say, 15-25 minutes, or whatever is indicated by the duration range? Is that knowledge imparted to the reader upon perusing the scroll's effect? Or not?
Yes. If a scroll is understood it is understood fully, just as any spell understood by a spellcaster is understood fully. _________________ - Moderator/Admin (in some areas)/Member -
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That being said, the same applies to Cursed Scrolls. 
