I need a rumor confirmed or denied.

[jedimaster86]

Site must've been posted a million times, but: http://www.battle.net/diablo2exp/items/m...find.shtml

Is there an ideal % Magic Find Number?
No. The more the better. Previously a bug resulted a penalty for more than a certain percentage, but this has been fixed.

And Siris, this may be what you are saying (not sure), but I thought magic find doesn't really factor in as to how much (quantity) will drop, but it will instead increase the odds of the particular item that is dropping in being a magic/rare/set/unique item.

Personally, I have pretty much viewed magic find as something more out of luck than a particular item. As you can see from some examples here some people have low magic find and find great items, because magic find is a chance in finding better items off your drops - you may be able to be lucky without that extra chance.