I used to pick up white/greys, before realizing they were, literally, trash. In wow, I still pick up greys. An hour of farming nets me 300g in greys alone, which is worth it. Whites/Greys in D3 are, literally, worth less than nothing, since they clutter up my inventory.
That said, are blues/magics the new grey? I already have 2 alts just to hold all the yellow/rares. Since the AH only takes 10 at a time, I really can't get rid of them that way, unless I post them for like... 500g.
Should I be vendoring blues? Or Salvaging? Or Selling?
Should I be vendoring yellows? Or Salvaging? Or Selling?
Of note, this is low level (20s-30s) at the moment. I have about 500 Subtle Essence and 150 Fallen Tooth.