IGN spoke with senior technical game designer Wyatt Cheng and game director Jay Wilson about patch 1.0.5 changes. Here are the highlights:

• Players can set a monster power level, and the higher they set the level the bigger the bonuses they'll get to magic find, experience and loot drops -- but the harder the game will be.
• Monster power applies to all difficulties and not just Inferno.
• At level 60 players can find various objects to put together a device that will allow them to fight more powerful bosses hidden throughout the game
• Completing the Inferno Machine can apparently net you a legendary ring acquirable only through this event.
• Jay Wilson hints that part of the fun for the Inferno machine is "figuring it out." Which implies it will be similar to Whimyshire where players will have to figure out themselves.
• Jay did not give a timeline for when the PvP patch would hit, only noting that they planned for it launch this year.

Source: IGN