So each mob/champ pack/boss has a specified chance, or range of chances, to drop magic items. So let's say that a certain champ pack has a 30% chance to drop a magic item. If you wore 100% magic find it would not increase the chance for that mob to drop a magic item to 100%, but rather increase the 30% by 100% which comes to a 60% chance for that mob to drop a magic/rare item. Make sense? Of course I doubt most mobs have a 30% chance to drop a magic item and is why most mobs do not. That's why you can go over 100% and still not get drops from every mob.
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I tested it earlier with a 115% MF against the A4 mobs that I regularly farm. Haven't seen a difference, but I do enough damage to down them fast enough still.
Increases the odds, not overall percentage, like, if a mob has a 30% chance to drop, and you had 100% MF, it would be 60% for that mob.. I have not verified it, but that is always how I assumed it worked..
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