Travis Day at Blizzard recently announced that magic find is essentially being removed from Diablo 3.
No more magic find in Diablo 3. Well, almost no more magic find. Blizzard is trying to phase out magic find as much as possible. MF is being removed as an affix from gear. Blizzard is also changing how MF interacts with different item qualities. MF will apply 100% of its benefit to Blue items, 30% to Yellow items, and 10% to Legendary and Set items. This means someone with 300% MF will end up finding roughly 30% more Legendary and Set items than someone with 0%.