This is before you pick it up (it's on the ground).
Lv:63 Rune Sword
People generally know what class the item is from it's name, but I for one don't care to memorize every Lv:63 Rare that I will pick up. My method is to hold CTRL over the item to check it's level.
I'm basically insisting that the process of killing mobs and picking up items can be made a bit faster and efficient for people interested.