Modifers in Diablo II are more numerous, potent, and enjoyable than they were in Diablo, and that is saying a lot.  Hundreds of new modifiers exist, and there is a much larger variety of them to be found as well.  There are even special modifers that can only be found from the hardest monsters on the highest difficulty level, so the cheesy normal/hell item runs of Diablo are not going to be anywhere near the best source of items this time around.

Prefixes work as they did in Diablo, occurring before an item name and only one per magical item.   Like Suffixes and Other Modifiers, Prefixes have a list of modifiers they can and can not occur with.  Similar quality modifiers are found on the same item, as they were in Diablo.  One added complication is that Rares, Uniques, and Item Sets list all of their modifiers by effect, and they can mix and match prefixes, suffixes, and other modifiers freely, so it's difficult to tell what exactly is giving the item a given property. Warriors, Lapis, Serpents, Rugged, and many others.  Also new info about Jewelry Clvl requirements being higher.

Non-Magical Prefixes

Special case prefixes are listed here.  These aren't really "magical", but they do keep other modifiers from appears on them.  You'll never find (at least not in the beta) a "Cracked Deadly Shield of the Apprentice" for example.  Cracked, Damaged, Crude, and the others of that type never appear on a magical item, or rare or unique, etc.  Neither does Superior, though it did in the past.  The vast majority of items you see in the beta are junk, "low quality" or "cracked" or others like that.  Then the next most common are magical items.  With one modifier or two, of generally lame quality.  There are very few normal items found, that aren't cracked or crude or magical at all.  NPCs sell these, but they are seldom found.

There are a lot of bad non-magical prefixes, and only "Superior" that is good.  All of them have random effects.  One superior spiked shield will have enhanced durability, another enhanced defense, and another a better smite rating along with enhanced defense.  The same goes for the negative modifiers.  Crude can cost an item defense, or durability or an item damage, or all of the above.  It appears to be totally random which properties are improved, or denigrated, by these modifiers.

There are several of these sorts of modifiers, and exactly which can be found on what item, and what they do on it is not yet known.  Basically "Superior" is good, and the others are bad.

Open Wounds results in the monster bleeding uncontrollably and taking extra damage over time, similar to poison. It can not, however, be resisted like poison can.

A successful Deadly Strike results in double damage being dealt. This can be combined with Critical Strike for 4x the normal damage.

A successful Crushing Blow, on the other hand, will reduce a monster's health by 50%.

L - Required level
A - Other Armor
B - Boots
G - Gloves
J - Jewelry
S - Shields
W - Weapons