Potion
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From Diablo Wiki
Potions come in many shapes and forms. The most common potions in Diablo III will replenish health or mana, but rarer potions can have more spectacular effects.
Mechanics
Not all that much is known about Diablo III potions, but they will work differently to those of Diablo II potions, and will be used a lot less frequently. As a replacement for the 'potionholic' tactic from Diablo II, Health Orbs will help increasing game speed without using a large number of hotkeys for "just" additional health and mana - essentially just a system of resource management that is made simpler.