Raiders will still run it from time to time.
While the gear isn't a big motivation unless you just want pieces laying around in case you can finish a set bonus, we will still enter for various reasons.
-Alts
-VP (usually a more interesting way to cap valor than doing 5 mans
-Practice
LFR doesn't offer all the mechanics but practice is a decent one. It's a good way to yourself familiar with an encounter and to well, practice DPS/rotations in a raiding environment instead of on a dummy.