Let us compile a list of D3 annoyances.

[Treesh]

When I set it to push to show for 10 seconds, it also seems to show item labels for 10 seconds after they drop too, so you only rarely have to press the key.

This is a separate checkbox (Always Show Item Labels On Drop).

I use the 10 seconds setting also. It means I rarely press the key, or should, but my D2 habits are still so strong my hand keeps going for the Alt key anyway.

10 second setting for me as well, but since the loot glows different colors on the floor, I don't hit the key nearly as much as I did in D2. If I see a blue glow, I hit the button. If there's still a yellowish glow after I run over it, I hit the button to see what rare dropped. I don't know what color legendaries glow because I haven't seen one yet since I'm not Roland. And I automatically click on anything that looks like a book on the ground. =) I never thought I'd get away from the habitual alt pressing and certainly never this quickly.