What item colors mean what qualities?

[Slimurgical (Stormy)]

I literally can't figure out what the difference between Sets, Rares, Uniques, Epic and Legendaries are.

There seems to be 3 different item qualities using greenish-blue text colors, and 2 different item qualities using blue text colors, like...

It's really kind of annoying actually.

[Anonymity]

Grey = Broken items, pretty much useless.
White = Common
Yellow = Magical. Usually two or so random stats
Green = Rare/Monster Infrequent. they're like yellow items except more powerful and rare. Then there is also green items known as Monster infrequents that certain races drop.
Blue = Epic. Rare, many of the sets are blue.
Purple = Legendary. Usually the most powerful items and very rare

[Slimurgical (Stormy)]

Ahhh alright, thanks man.

Plus there's also the Golden quality for Unique items, though they're usually garbage imo.

[Oddness]

Green items are always prenamed items for me with very rarely differating stats.

[Aelies von Saladir]

Anonymity's in formation is a little outdated. That's how it worked before this new version.
Green are now just rare - better versions of uncommon items.

There are two new colours exclusively for Monster Infrequents - items you can only get from certain monsters
Bronze/Light Yellow is for Magical Monster Infrequent
Olive/Light Green is for Rare Monster Infrequent
Some of the Rare Monster Infrequents, like Deathweaver Legtip or Sabertooth, are at least on par with Epic items. Otherwise, though, Monster Infrequents would be just about as good as normal items with the same affix.

[Huntor]

Speaking of rares, almost no mage rares ever drop. It's always strength ♥♥♥♥ and it's really annoying.

[AquilaSol]

Originally posted by Huntor:

Speaking of rares, almost no mage rares ever drop. It's always strength ♥♥♥♥ and it's really annoying.

Which may have something to do with the fact that there are only 3 blue staffs in the base game, 1 of which is a set piece. (I don't know if Immortal Throne added any, but it won't be dozens)

Most stafs are Legendary, which don't or very, very rarely appear on Normal.

[Slimurgical (Stormy)]

So wait... TWO colors are for Rare MI Items, and two other similar to one-another colors are for Magical MI Items?

If so... who thought that was a good idea? xD

But still, good to know tbh. ^_^

[Oddness]

Originally posted by Huntor:

Speaking of rares, almost no mage rares ever drop. It's always strength ♥♥♥♥ and it's really annoying.

Are you telling me I am this lucky? http://imgur.com/a/xbdXE

[Aelies von Saladir]

Originally posted by IIIStrife:

So wait... TWO colors are for Rare MI Items, and two other similar to one-another colors are for Magical MI Items?

If so... who thought that was a good idea? xD

But still, good to know tbh. ^_^

No, there is only one for Rare MI and one for Magical MI. They are just colour with no definitive names - Just look at the Magical MI colour - some people describe it as gold, some bronze, some pale yellow. The dark green for Rare MI is also rather hard to describe. Sorry for the cause of confusion.