Visually alerting you of items that drop anywhere onscreen, is a very welcome feature.
-- source: Battle.netThe 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.