Blizzard has announced a new feature for Diablo III that will be included with the 1.04 update, the Paragon System, which is essentially 100 levels beyond level 60, which will be a visual nerd cred that adds stat buffs and magic and gold find percentages.
According to Blizzard, the Paragon levels start after the player hits level 60, and any further experience earned from killing monsters count toward Paragon levels, of which there are 100. Every time a player dings a new Paragon level grants them a bonus in Core stats (Strength, Dexterity, Intelligence, and Vitality) in ammounts appropriate to that class. In addition, the player gets a 3% Magic Find and 3% Gold Find boost.
The class is also a way for gamers to show off to others, as a distinctive increasingly-impressive border surrounds their character portrait in the in-game party frame. A new frame is added after even 10 levels, as seen below.
Of course, this means the Magic Find can reach 300%, making certain magic items useless. Blizzard explains, "With the Paragon system in place, we’re capping Magic Find and Gold Find to 300% (before Nephalem Valor). This means that without any Magic Find gear at all, you’ll hit the cap when you reach Paragon level 100. This way, you can continue wearing your current Magic Find gear as you slowly but surely work to gain Paragon levels. Eventually, once you hit Paragon level 100, you’ll have the freedom to completely focus every slot on stats that help your character kill stuff faster and stay alive longer. The idea is that if you’re currently swapping gear in and out for the Magic Find bonuses, you can continue to do so… but gain enough Paragon levels, and you won’t need to anymore."
Blizzard will be making an official 1.04 patch announcement in the next few days. Stay tuned.