How does magic resistance work nowadays, and how good is it?

I'm looking at Sarannis' Mystic Sheen, which (in theory) provides ~4% resistance. After some googling, I read that for non-binary spells, resistance actually dictates how much of a chance there is to reduce damage by 25%/50%/75%, in those increments.

Does this hold true? Has anyone tried resistance gear/enchants lately and seen any results? 4% spell damage reduction seems pretty significant to me, not to mention the rare sheep/fear resist.
 
From my testing in 8.0 it looks like items that have +all resistance don't work, but items that give +resistance to a specific element still work just fine.
 
I'm looking at Sarannis' Mystic Sheen, which (in theory) provides ~4% resistance. After some googling, I read that for non-binary spells, resistance actually dictates how much of a chance there is to reduce damage by 25%/50%/75%, in those increments.

Does this hold true? Has anyone tried resistance gear/enchants lately and seen any results? 4% spell damage reduction seems pretty significant to me, not to mention the rare sheep/fear resist.
From what I’ve found in the passed this is to hold true, like dreams said the prismatics and enchants etc that give + all resistances do not seem to grant any reduction, but for example we have tested shadow resistance potions on bt bosses and they seem to work as intended.
 

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