Magic Find is absolutely worth investing in. The Diablo 3 game guide describes how it works pretty well. MF caps out at 300% from gear/paragon levels, but NV stacks and the bonus from running at higher MPs will put you over that cap. Some friends turned me on to the effects on MF pretty early on in my D3 career and I would go as far as to say that hitting max MF on gear is more important than raising your DPS/EHP, so long as you can efficiently farm the content. You find way more legendaries and get more rare drops, raising the chance that you'll find gear worth selling or equipping. As you gain MF from paragon levels, you can replace MF gear that you no longer need. In the course of hitting P100 on my monk, I managed to find all of the gear on my barbarian, witch doctor, and two wizards, as well as most of the gear on two demon hunters (minus hand-me-downs from my monk). Despite keeping so much loot, I still managed to sell enough of my finds to fund upgrades for my monk.
I actually ran an experiment on the effectiveness of MF where I geared a new monk to level 60 and then bought a max MF set for a little over 14m gold. I wrote up the whole thing on reddit (Part 1, Part 2), but I stopped playing with that character after a while because it was just turning into an identical experience as playing my main, albeit at lower MP. I'd say the experiment was pretty successful (recouped the cost of the gear, plus earned more than enough gold to double DPS as I outleveled the MF gear).
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