Bashiok made a post in which he explained how using Alt key to see the names of items lying on the ground has been improved/modified in Diablo 3.

    The way it works now is that when an item drops the name shows for about 5 seconds and then they fade out and disappear. Pressing Alt shows all dropped item names for again about 5 seconds and then the names fade out and disappear.

    I actually didn’t like it at first, I liked the on/off state of pressing or not pressing Alt, but with the names showing immediately after drop and having a sort of “grace period” after just tapping Alt, it’s really grown on me and is a lot more intuitive. It’s a lot easier to see what just dropped quickly and decide if you care, and it isn’t necessary to constantly hold down Alt while scavenging after a large fight.

    I still want to see -nopickup return but I haven’t really asked anyone what the possibility of that is. I don’t think it would work well with the current system, so options may have to be a possibility.

    This can be seen in the WWI gameplay movie, when the name tags on freshly-dropped items remain visible for a few seconds after they hit the floor. Blizzard hasn’t said anything about adding some of the improvements various D2 mods made, where uniques, sets, rares, runes, etc, display in a different color so you can more quickly spot the good stuff. Let’s hope they work that one in as well, eventually.

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