Saying that people will be able to pay their rent just by playing D3 might be a bit of a stretch. I mean if your playing 60 hours a week then maybe, but I don't think the cost of rare items is going to be that crazy. and if it is the chances of finding enough to pay your rent is going to be quite difficult.
If you have a normal 40 hour a week job and can only really play the game 10-15 hours a week max, I don't think you are going to be able to make any significant money playing the game.
Having said all that, I am certainly excited about D3 and will probably waste a good amount of time this winter playing it! For myself I see the auction house as a way to sell some extra items to save up for something else I want for a character.
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