After some guys on the pc board mentioned that tests had been run on the relic, I decided to go look for myself.
Turns out a group of coders have been digging in the pc files and found that not only is "magic find" possibly influenced by map zone as well as player count, but that the relic does not influence orange drop chance. Multiple values were tried including the original 5% (1.05% chance), 500% (6% chance), and 10000% (101% chance).
This means a couple of possibilities.
1. The Relic is broken.
2. The Relic is deliberately fake and was designed to draw in preorders. Placebo.
3.The Relic is very specific, and only applies to blue (called RARE in-game) such as the description says.
The general consensus seems to be either 2 or 3, as magic find as a value clearly works as intended. This can be proved as magic find increases as more players join and has been a feature since the first game.
Here is the thread: http://www.cheatengine.org/forum/viewtopic.php?t=557381&postdays=0&postorder=asc&start=345&sid=eea9f027b2a1d92debf0d2eb625b889d The most relevant post is a about halfway down. Throughout the other 30 or so pages others have tried as well so if you want more proof you'll have to sift through it.
TL;DR It doesn't do **** and you would be better of using something better benefiting you and your team.