I played around with some formulas and I think that the following would be the easiest to implement and would make balancing magic damage much easier.
R = resistance
(R*(249/250)^(R-1))/0.92154
I know, I know... Thats totally useless to look at so here's a graph.

Here we see that 25 resistance still gives about 25% (24.64% to be exact)
an R of 50 gives 44.6%
100 gives 73%
150 gives 89.5%
200 gives 97.75%
and you finally reach a full immunity at an R of 249.
This will give DG a lot more room to put resistances on egos/artifacts without worrying about making it super easy to cheese certain dungeons or encounters. You still might be able to scrounge up 249 fire res if you REALLY REALLY want to but its going to nerf ya pretty hard. At the same time it takes basically the same amount of effort to hit 50% in several or 75% in a couple of resists if you know you're heading into a zone with a lot of magic damage being thrown around.
All this assumes that talents like Chant of Fortress/Resistance, Unnatural Body and any other talents that affect resistance (including negatives like Wildfire and Curse of Vulnerability) are converted over to work on the base resistance rather than the final % value.
Also, that formula will need to be hard-capped at 250 because the output starts to decrease after that eventually going back to zero at 500.