There are 2 main "problems" that NV addresses as i see it.

- Skills, punishment for changing them.
- To prevent players from playing quick sessions

I want to address both here.

Skills:

Honestly, who cares if someone pulls a 30 sec cooldown skill change, or a tp to town to change a skill (consider you have to avoid hits for this). I already think this is sufficient punishment, and why not use the skill system of D3 in a dynamic way?

Do you really think someone who changes skills rapidly can farm like that for eternities? that they can outfarm the reward of making a strong all around build so you dont have to change skills and can keep going, perpetual mode?

If someone can keep doing that all day, then let them! They are clearly enjoying that play style if they do not get tired and outfarmed by one who just keeps going with the same build.
You have to be thoroughly deranged / hardcore to play like that, and if you are, why not be rewarded in the game for it, reach out to those players?

Have you ever considered how little real difference it actually makes versus how limiting a game feature it is?

Preventing quick farming sessions:

From a player perspective, i do not see the greater issue with this, and given the past, i think many diablo players found great joy in farming the same in at a quick rate. The only real argument i could see was your servers running too many games, and i doubt that is why.

You have already made sure bosses are worth skipping, and that monsters themselves are what you are hunting. NV in this sense, only serves to shorten games to the point that you can abuse areas that are much greater than others.

Just remove NV and properly balance your areas. This does not mean that all your areas have to give you even average rewards, so that no one are great. It could mean for example that good areas are found deep in other areas, far from a waypoint, and that you cannot get saved to spawn in those areas upon entering the game (Assasins vault for example).

What is to gain from removing Nephalem Valor?

Players are encouraged to use the dynamic skill system of Diablo 3, and they are no longer punished for playing around with any builds or alteration of skills they think of while farming. Right now, i think many players are almost scared of changing a skill to break their efficiency, and because of that they will keep playing the cookie cutter over and over again.

You can now make quick farming games if this is what you prefer. No more deciding what the player thinks is most fun.

Gain in quality playing time. Each stacking of NV feels like wasted time, and it feels like the farming begins after it. It makes the playing experience worse in my opinion, and we would be better off without it.

No more lost stacks on disconnect in solo games.

You will no longer feel forced to stay in public games with players you dont like, in order to optimize your stacks.

I have heard reports of people who for irl reasons have to take longer breaks frequently, and when NV falls off it is very annoying. No more.

The list goes on, more for example here: http://us.battle.net/d3/en/forum/topic/7004017081

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Nocturnal's Master Thread of Ideas
http://us.battle.net/d3/en/forum/topic/7200302965