Diablo's 1.04 patch will effectively more than double the game's level cap, we're learning today. Once players hit level 60, they will begin accumulating experience toward new Paragon levels, of which there are 100. While they won't unlock new skills, each Paragon level will give you a small boost to your core stats and a stacking three-percent bonus to magic and gold find.
According to Blizzard's blog post , this new system is meant to address two issues: the feeling that your progression becomes wholly based on the whims of the loot generator at 60, and the inherent issues with magic and gold find being a stat on gear. With the new system, magic and gold find is being capped at 300% (though Nephalem Valor can still boost it beyond that), meaning a Paragon 100 character will get no benefit from having the stat on gear, allowing them to focus on more combat-oriented items. The devs say this is part of a larger goal of transitioning away from magic and gold find as a gear-based stat.
We're also expecting some significant buffs to every class and to legendary items in 1.04. Paragon 1 will take about as long as 59 to 60, and each Paragon level beyond that will take progressively longer. Luckily, Nephalem Valor stacks will now affect Paragon XP gain at the same rate as magic and gold find, which should make hitting the new cap less of a monumental task. 1.04 is shaping up to be a pretty huge, game-changing patch. We'll have more details, and a release date, in the near future.