We've known for years now that it was a fundamental problem: players forsaking their best gear (purportedly the driving force of rpg gaming) in the hopes of finding their conceptually perfect gear in a world with thousands of possible modifiers on loot.
It's dumb, and it turns the game into a job; it strips naked the mechanics of pursuing greater power in a game. Just take it out and let players work with that .02 chance of diablo dropping their most-coveted piece.
In the world of the RMAH (which I'm a huge fan of), it makes the second-best-in-slot-item probably worth less than the equivalent of a topaz-laden six-slot chest piece. In D2 terms.
It's like you design this beautiful game system, and you throw this horrible mechanism into it that makes a mockery of the whole point of grinding loot.
There are only a few solutions:
1. eliminate MF (my favorite)
2. Restrict MF to a few instances (amulets/rings, gems only, etc. so it can't become the all-mighty-yet-fundamentally-useless stat)
3. make MF something that builds at the level cap. After 60 you essentially gain levels in MF, or something. This isn't the best solution but if you're intend on keeping MF it makes the most sense.
the bottom line is that it was a dumb idea to begin with, an idea that goes against all the core basics of the loot hunt game (imagine wow if there was a stat that made drops for your class more likely....imagine the drama, the carnage, the vent-tears) and just get rid of it.