I was under the impression it did? Having 100% MF would make an iLevel 63 item drop 8% in Act 2 correct?
No, the Magic find roll and the Item level roll are 2 seperate rolls.
If I am not mistake the order of rolls goes:
1. Item Level
2. Magic level (white, blue, yellow, orange, or on some occasions green)
- Magic find affects this. Also Champ packs and Elites have 1 "modded" item that gets a bonus on magic find so that a 75% (5 stack) will always yield 1 rare+.
3. # of properties said item will have. (Rares can give 4 or 5 properties)
4. What are those properties (Could be X STR, Y Vit + Z Int, % GF, % MF, X All resist + Y Dex)
- There are some limitations though, such as i dont think an item may have both Health on hit and health per second.
So when rolling for a very good legendary or green item, the chances can be seen as extremely slim as the roll has to go through 4 sets. And Magic find only affects one of those sets.
Example: (Unknowing how Green items work, as in i am not sure if certain rares/monsters can only drop them) I will leave them out of the equation for now. (Act 2)
[These are made up numbers and are in no way exactly what diablo 3 actually uses as rolls]
Non Champ/elite pack, 0% Magic find
Step 1: /roll 100. IF 1-47 (60- ilevel), If 48-77 (61 ilevel), If 78-96 (62 ilevel), If 97-100 (63 ilevel)
Step 2: /roll 100. IF 1-65 (White), If 66-92 (Blue), If 93-99 (Yellow), If 100 (Orange)
Step 3: /roll 2. IF 1 (X # of properties), If 2 (X + 1 # of properties)
Step 4: /roll [Some really high number]. (This determines what properties, there are many properties per piece and some properties are split amongst 2 stats. Like 40 STR and 30 VIT. When paired with a 55 VIT property the item will read "85 VIT")