What does Magic Find mean?

[Sergo]

Could someone explain please what does MF parametr mean?
For example, if I have MF = 100%, does it mean that i will find magic items in 100% cases or I will have double chances of finding for all the rarity types or I will find loot with 2 times better quality or what?

[DacianDraco]

In increases the chance of dropping better items, higher item level and quality, but it doesn't guaranty it. Close to 200% is enough, after that the returns are minimal, or it's a cap and it rolls over and you'll get more magic items then anything good.

[Sergo]

Thanks!