I'm new. Yes, new. Please enlighten me.

[Obi2Kenobi]

I read about the issue with MF from way back, but haven't found any information regarding how it works since the fix. I'm assuming more is simply better, now, but was hoping someone could clerify this for me. MF only has an effect on the occurrence of Magic, Rare, Set, and Unique items, right?

I believe Uniques, Super Uniques, and Bosses respectively all have a better chance of dropping any of the 4 magical item types. (Where do Champions fall?) Simply put, higher level enemies = better drops, right?
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Magic find only affects the quality of item that drops. If Monster X is going to drop 1 halberd and 1 buckler, no amount of magic find will change that. What it will do, however, is make that halberd and buckler more likely to be unique, set, rare, or magic. Once your MF gets high enough, more doesn't add as much of an effect (but still helps) as it did early on.
Champions have a higher chance of dropping magical type items, I think... They also drop higher base item types (ie: a monster that can only drop up to an item of base level 50 [base item meaning spear, dusk shroud, throwing knives, etc) could drop up to level 52 if it's a champion, so it gets you better stuff).

Sorry if some of that is confusing, but I tried to avoid using terms like ilvl and alvl and such. Those used to (and still do, sometimes) confuse me like nothing else.