PC Gamer has more from their conversation with Diablo III lead content designer Kevin Martens, who explains that the Loot 2.0 system in their upcoming version 2.0 patch for the action/RPG, along with the enchanting and crafting systems, is "intended to cut the legs out from the auction house." Here's word:

“It is fun to go buy something instantly, the instant gratification feel, that sugar high,” he said, “however it’s not the core fantasy, it’s not the most fun and by the endgame, for a variety of reasons, they tend to check the auction house first and play the game second.”

That’s not what we intend, and we do want to address that, so the loot system and the enchanting and crafting systems are both intended to cut the legs out from the auction house; to make it unnecessary to go on it to some degree, where the most fun way to play the game becomes the best way to play the game.”