Diablo – Does the Nephalem Valor buff affect the whole group (regardless of level)

There is no need to actually click on the waypoint -- simply moving close to it is enough to activate it. This is a large visual and audio effect with pulses of blue light and sound, so it's very easy to tell when you have successfully activated a waypoint.

In multiplayer, you can teleport to any other player, so even if activating waypoints doesn't unlock them for all active players, all you need to do is teleport to your friend to immediately unlock the waypoint yourself.

The entire Nephalem Valor concept has been removed since Patch 2.0.1 (live on Feb. 25, 2014). Along with this change, two new concepts have been added to the game (Official Patch Notes):

Pools of Reflection have been added to the game

• Pools of Reflection provide a 25% bonus to experience
• This bonus persists until you reach a set amount of bonus experience (equal to approximately 10% of the current amount of Paragon experience needed to reach the next Paragon level) or your character dies
• Gathering additional Pools of Reflection bonuses increases the amount of total experience bonus a character can receive until character death, stacking up to 10 times
• This experience bonus persists on logout

Nephalem Glory has been added to the game

• Occasionally during battle, monsters will drop Power Globes when damaged or killed
• Power Globes grant the Nephalem Glory buff, which causes players to deal additional damage in the form of golden lightning bolts and increases their movement speed for a short time
• This buff can stack up to three times