OK.... why waste time picking up rares and ID them?
e.g. which rare monk helm can beat a cheap 400k Inna Helm? I started to not pick items like StarCrown, GhostSight from the ground.

I would like to have a list of what should we pick up and what should we skip, for the sake of farming efficiency......anyone care to share their thoughts?

What I am thinking (? = I am really not sure):

A) To Pick
- All 1H
- 2H Bow / xbow -- ??
- Rings
- Amulets
- Gloves
- Chest
- Bracer
- Pants
- Boots
- Belt
- Mage / WD off-hand -- ?
- DH's quiver -- ?
- Follower's item for fun


B) Skip
- All Helms (?)
- Shields (?)
- Melee 2H
- Barb 1H

(A) Personally, I don't pick up Wizard off-hands since Triumvirates are so cheap in the AH.
Agree with everything else

(B) I still pick up Archon Crowns. There's still a chance to get decent rolls with socket + crit chance.
Agree with everything else.

My main char is a Monk. As right now I don´t have great movement speed(passive 10%), so farming isn´t very efficient, but i do farm Act III. My way of farming is to pick everything, blues, rares, oranges and greens (two greens since May). I do it because i´m not as fast as efficient it would be, so to pick everything makes me more gold sellling to vendors, and a couple of blues pay for repairs sometimes. I won´t get rich I know. I play four/three hours a day, maybe, not sure, I do near 500K per day( I need to confirm that).

What to pick and what to skip: If you`re fast (24%+) pick rares and skip blues at all cost, and don´t come back for gold.RNG is making a lot of crap rares, so probably they will be sold to vendor or recycled.

Arguably, the only rares which still should be picked up are gloves, shoulders, and jewelry. Maybe boots.

I have 3 tiers of items when farming: items I ALWAYS pick up, items I sometimes pick up, and items I NEVER pick up. It kinda depends on where you are in the game and what kind of money you're trying to earn. If you're sub 10 million gold all the time, you should probably pick up everything since everything can generate a few million with good rolls. If you're constantly 100M+ and need hundreds of millions, then finding a great roll on a quiver that's only worth 500k because a Dead Man's Legacy is the same price just isn't worth the time (and the time to ID does add up).

Always: 1-handers, rings, amulets, shoulders, bracers, gloves. These things, with the right rolls, are still BiS. Granted, you need a 1 in a million type of roll, but you can't pass up a potential multi billion gold item.

Sometimes: Helm, Chest, Belt, Pants, Boots. I've made upwards of 20-30M on these with great rolls, but there's zero chance of these items being worth much more. These slots are usually occupied by set/legendary items.

Never: Everything else. The odds of other items having competitive rolls combined with their tiny up-side makes them not worth ID'ing. It's certainly tempting, but I force myself to obey statistics.

Bottom Line: I try not to go back to town more than once. You save a few minutes each run not going back, IDing, selling, and then going back. Over the course of hundreds, possibly thousands of runs, this adds up to dozens of hours.

Always: 1-handers, rings, amulets, shoulders, bracers, gloves

I agree with @Metta

Sometimes: Helm, Chest, Belt, Pants, Boots

I will still always pick up pants - given my history of success with them (sold 2 rare pants 20m each in October -- those with high primary, high vital, high resist and high armor). Have been disappointed with Boots - what I thought was really good (more than 150 primary & vital + resist + speed) can't even fetch 100k - 1m at times. Helm and Chest - no luck with their RNG. I probably will skip them from now on. Belt - maybe, as a monk I prefer Inna Belt, not sure about other classes. But a ready list on my table when I play can probably help more.

Next I need is a list of item name before ID (e.g. GhostSight = monk's helm). Anyone knows where I can find such a list? From experience I can recognise about 60-80% of the items when they drop.

You can look them up here: http://us.battle.net/d3/en/item/

Here are the ones I usually look for (there are some lower level ones, but I usually just pick up 61-63 out of convenience):

Ring
Amulet
Shoulders: Doom Pauldrons, Pallium, Archon Spaulders
Bracers: Armguards, Armplates, Razorspikes
Gloves: Stranglers, Sovereign Vambraces, Archon Gauntlets
Axe: Skartaran Axe, Galraki, Arch Axe
Mace: Goedendag, Crag Hammer, Demolisher
Sword: Saif, Conquest Sword, Rune Sword
Spear: Qiang, Vel, Centurion Spear
Knife: Exquisite Knife, Flesh Ripper, Veil Piercer
Dagger: Basilard, Piercer, Darkblade
Fist: Pulverizer, Golden Talon, Heaven Hand
Mighty Weapon: Chopsword, Massacre Axe, Slayer