I came across Lakoff's book "where math comes from" in which there's a section devoted to explain the meaning of the Identy instead of using a "tautology" that is generally given by many a professors, textbooks, intimidators, etc. They almost succeeded in making me understand, but at the last moment they also fall victim to using such vague qualities such as"periodicity", "rate of change" mumbo/jumbo that I feel an intuitive understanding is still lacking. Most people will tell U that it is because it equals cos x + i sinx or because e^xi happens to equal taylor expansion when sin and cos terms are added with a complex number twist lol, yeh but why?
The best way to understand it comes first, from khalid's "betterexplained" plus page of songho ahn's where a unit helix in 3d is shown with an img, real, and an X axis respectively(where x is just a linear axis representing the angle truncated at 2PI.
Khalid's explained
http://betterexplained.com/articles/intuitive-understanding-of-eulers-formula/#comment-53478 e^x as growth(as in compound int) ---> lim (1+1/n)^n and x represents rate/duration mix because e is the no. when u set n to infin of instantaneous 100% compounding.
Similar with the unit circle, e^0 first grows to 1x the base e ( the radius), then because of the part i in the exp and where the rate of e^x change is just e^x as a def. Then the radius R is like a vector of unit length driven by a const i vector perpen to it (i.R is vel or accel if u will,moving counterclockwise at unit increments). And, note ln(x) means at what rate/period is needed to reach x time growth in e base.
In Anh's page,
http://www.songho.ca/math/euler/euler.html he sets ln(cosx+isinx) = xi, then cosx+isinx = e^xi so xi is the rate/period needed to reach position cosx+isinx.
Now although with e^xi ,x as an angle is a very convenient indication of the position of the radius, it is hard to see how this exp resolves to something like .5678+ .8790i proportion as an example. Evidently, it is a result of the trig function and xi has a different ratio of the vertical vs horizontal depending on where the radius is pointed at along the circle, meaning different slope/tangent. So at any pos there is a changing rate of growth with regards both axes, but only in angles, not in length.
On Anh's page , the 3D diag would dispel a lot of confusion generated by using imaginary no.
Actually, with 2 extra dimensions, imag no. is just a math convenience to make sure U don't add the two nos as though they are both real and to deal with the sign when phase changes.
So if U notice, the projection on the x-Real plane is the Cos function tracing how the real shrinks and grow as the Img-x plane shadows a sin function showing how it grows and shrink on a complementary rate tracing a helix, but a 2D circle projection on the Img-Real plane.