Although there are only sparse informations about items in Diablo 3, the released material gives some hints about one of the mainparts of the new game.
One thing are the new Itemslots, that we mentioned already in the Interface section, and what we also learned from the gameplay trailer, is that the item tool tips have also changed.
Blizzard has of course a lot of experience with Items, and it is to be expected, that we will find in Diablo 3 normal, magical, Setitems and Uniques.
And whatever Blizzard has done to enhance this system, after four years of development.
The dropsystem is not yet revealed, how these items are aquired, from bossmonsters only, or also from weaker minions, we shall see in the future.
Maybe there will be some sort of crafting?

Itemslots:

New are the slots for shoulder- and legarmor.

Itemcharacteristics:

The attributes from items are now different presented, than in Diablo 1 & 2.
It looks more clearly and there are also some characteristics added like “damage per second”.

The damage per second is calculated from the arithmetical average between the weapon damage and the attack speed of the weapon.
For example:
A weapon doing 35-51 Damage will do 43 avarage damage.
If this weapon has an attack speed of 1,2 attacks per second, we can calculate an amount of 51,6 damage per second!
With this new informations, it will be easier to decide which weapon to use, and in our opinion, this is a huge enhancement to Diablo 1 and Diablo 2.

Not everything is new although. The well known blue font for magical items has not changed, and also the names of the items like “Heavy Axe of Storms” are familiar and maintain the typical Diablo flair.