Blizzard has announced their solution for new progression and that Magic Find issue in Diablo III. In a new blog posted today, Blizzard announced the new Paragon system, a new feature that will allow players to earn 100 Paragon levels starting at level 60. The new Paragon levels will increase a character’s core stats with each new level by an amount equal to what a normal level would provide along with the added bonus of 3% Magic Find and 3% Gold Find. Additionally, the Nephalem Valor buff will also provide 15% additional XP per stack to support the new system.

This new system will also be imposing a 300% cap on Magic and Gold Find before the Nephalem Valor buff, which means that reaching the 100th Paragon level will cap your Magic and Gold Find, essentially rendering any additional gear to provide those stats obsolete. Just don't expect to get to that level cap too quickly.

The first Paragon level should take about as long as it took most players to get from level 59 to 60, and the experience requirement will rise from there. The time to reach the upper Paragon levels approximates the long-term time investment required to get a level 99 character in Diablo II.

Additionally, more changes to the auction house have also been posted to the Diablo III forums that will be included with 1.0.4. A few of the changes you can expect to see include the option to cancel auctions at any time providing they have no bids, an increased size of gold stacks per listing, improved search functionality, UI Improvements and a number of bug fixes.

Sources: Diablo III Paragon System Announcement, 1.0.4 Auction House Changes