Diablo 3: Magic Find Formula

The folks over at diablo3x.com have presented what they take to be Diablo 3's Magic Find Formula:
Chance to drop item (ilvl) = (1*(100/MF) * iType) * (Mlvlscore * Multiplier)

Explanation:
MF = magic find %
Itype = type of item, magic, rare, set, legendary drop chance
Mlvlscore = monster level score (the higher Mlvl (monster level) the higher is score starting from 1 and add up slowly.
Multiplier = regular, special, uniques, champions, rares, bosses etc. (1, 2, 3, 4 x multiplier (this formula is unknown))

They offer a few helpful examples:
Example 2:
With 100% magic find a WHITE item on a regular mob.
20% chance to drop a magic item
4% chance to drop a rare
.1% chance to drop a set item
.0001 chance to drop a Legendary

Example 4:
With 100% magic find a MAGIC item drops on a regular boss, because he have better drop rate.
100% chance to drop a magic item
40% chance to drop a rare
.5% chance to drop a set item
.0005 chance to drop a Legendary

Example 7:
With 100% magic find a RARE item drops on a regular boss, because it have better drop rate.
0% chance to drop a magic item
100% chance to drop a rare
.025% chance to drop a set item
.00125 chance to drop a Legendary


And something to know about your Follower's equipment:
Followers do benefits to your magic find where 20% of follower's magic find add to yours. So if the follower have 100% MF it will add you 20% MF.