Blizzard Release Paragon 2.0 Details

Patch 2.0.1 will introduce the updated Paragon leveling system (often referred to as "Paragon 2.0"), adding even more end-game character advancement and replayability. This update will affect all Diablo III accounts across all regions as the patch is implemented, and is currently available for testing on the Patch 2.0.1 PTR and Reaper of Souls Closed Beta.

A first look summarising all the features of the new system is available here. Below is a brief summary taken from the blog post.

While the original version of the Paragon leveling system achieved its many goals, with time players would max out at level 100 and no longer feel rewarded for vanquishing evil. With patch 2.0.1, we're making three big changes to the Paragon system that are aimed at giving you greater control over your hero, promoting variety in build options, and offering more character customization than ever before.

Change #1: Goodbye Level Cap - Play as much as you like—you'll always be able to earn more Paragon levels!

Change #2: Shared Paragon Levels - All Normal heroes on an account will share a Paragon level. Similarly, all Hardcore heroes on an account will share a Paragon level.

Change #3: Paragon Points -  In Patch 2.0.1, the static Magic Find, Gold Find, and class stat bonuses awarded for each Paragon level are being replaced by spendable Paragon Points. In the new system, whenever you gain a Paragon level, you will receive a Paragon Point to allocate at your discretion.

Full details of the patch are available on the original blog post.