There are a lot of different side effects an item can have, and I assume that things like magic find have no influence on any of "our" found items at all.
However, I'm not sure about other things. For example:
- Do followers get life-steal on weapons, too?
- Does increased orb healing make any difference?
- What about +experience after kills? Will my follower level up faster?
and probably a lot more.
Is there some general rule as to what effects of an item apply to followers, and which don't?