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MF will stay on gear that dropped pre-2.0.1, but you won't run around on level 70 with full MF gear - you'd sacrifice way too many important stats (DPS, EHP, utility). It will not roll on gear after 2.0.1, except for some legendary/set items (like Nagelring).

It's also relatively useless as MF will only contribute 10% to legendaries, so if you have 300% MF on gear you will only get 30% increased legendary drop rate. It's absolutely not worth it.

And for the next few weeks, 2.0.1 without RoS, MF is even more useless as literally every single piece of gear you'll find will be replaced by the same item (or a better one) on level 70. If you plan to buy RoS, don't even stack up 1% magic find, it's a total waste and you're better off stacking damage (for quick XP farming) and EHP (for leveling once RoS hits).

Quote from Evolution85

Legacy items are changed. They get 10% of their original stat.

http://us.battle.net/d3/en/forum/topic/11885008402#7

"MF no longer on items. Legacy MF is reduced to 10% of full stat."

I guess what she wanted to write is "legendary MF is reduced to 10%". Existing items won't be touched. Legacy items will not be touched, as Blizzard mentioned, they never want to do this and except for the APS change in 1.0.4 they have never done this.