Blizzard breaks down the nitty-gritty details for you.
Here’s how it works:
- After you hit level 60, any further experience you earn from killing monsters will begin to count toward Paragon levels
- There are 100 Paragon levels
- Every Paragon level will reward you with:
- Core stats such as Strength, Dexterity, Intelligence, and Vitality in amounts similar to what you’d gain from a normal level
- 3% Magic Find and 3% Gold Find
- In addition, a distinctive increasingly-impressive border will surround your character portrait in the in-game party frame to denote your Paragon progression, with a new frame earned after every ten levels. Your Paragon level will also be visible to other players wherever your normal level is shown
In support of the increased Magic Find and Gold Find from the Paragon system, Nephalem Valor will provide a 15% experience bonus per stack that will be used towards upping your Paragon experience.
The catch is that it will take players a long time to go from level to level, with Blizzard noting that it will take most players the same amount of time to reach Paragon level 1 as it took them to go from level 59 to 60 on their character. Paragon levels after that will take even more time, with upper Paragon levels taking you about as long as it took players to reach level 99 in Diablo II.
It should be noted that due to these changes with the Paragon system, Magic Find and Gold Find will be capped to 300% (before Nephalem Valor). Without any MF or GF gear on, this cap will only be hit once someone reaches level 100 in the Paragon system.
(via Battle.net)