The Mystic is gone.
We removed the mystic because she was not really adding anything spectacular to the game as she was. In her current form she was simply the gemming and sockets system named differently, as such we hope to revisit her at a later point to improve on the system. So the Mystic might not be gone for good, we will be looking at her again in the future.
Removed the Cauldron of Jordan and Nephalem Cube.
The designers actually feel there is a need to break up the action in Diablo III and that there are many benefits to doing this. With how the game was in patch 9, you were in the action all the time killing enemies and you would get burnt out quite quickly from the near constant cycle of slaughtering demons.
We removed these particular items so that players would have a natural resting point to break that combat cycle, a time where little action occurs such as going back to town or even a story sequence occurring, you are then re-invigorated once again when you return back to combat the legion of hell!
Overall thoughts:
We understand that you are not pleased by the fact that we are removing some of the things you were looking forward to, however this does not stop us from revisiting such concepts in the future such as the Mystic after the release of the game. Our goal is as it always has been, to create the best possible game for everyone to enjoy as much as possible
We hope that you all look forward to the game as much as you did before and hope to get Diablo III in your hands “Soon™”.
Do Player 1 and Player 2 see the same loot drop, or the drop is individual for each player and only visible by each player...so Player 1 sees a legendary item on the ground while Player 2 sees some very useful crafting bones?
Loot drops are independent to the player viewing them. So player one might see the drop [Legendary Bow of Epic Awesomeness that Kills Things] and a few random white items, and player two sees a load of white items and a [Not so Legendary Axe with a Blunt Edge].
There is also currently no loot management in place in Diablo III. If you were player two and you wanted that legendary bow, you would need to talk with that player one and hope that they are willing to trade it to you for either a price or even for free if you are lucky

If these item names are not in the game ill cry

Somehow I have my doubts that they will be included >.<
Mandatory Breaks
These breaks are not really mandatory, if you so wish you could actually continue on without going back to town to sell or salvage the items you have found by removing lesser items and replacing them with better ones.
You could be someone who likes to grab every item that drops which means your inventory will fill up fast, or someone who only picks up very particular items meaning it will take a long time for your inventory to fill. It can also vary depending on your luck and chance of finding particular items. So unfortunately I cannot give you an exact or even approximate time for this as it is really depends on you. But these breaks in combat are something that the developers feel was needed and that is why the items were removed to allow for this.