point of lfr is to piss ppl and spending more time till valor cap
It would be neat if they had a stacking drop chance improvement of 10% an encounter or something (wherever the number has to be, even 5% if necessary) every fight you didn't get a drop. After you do get a drop, it resets to 0 and returns to the default drop chance. That still means you might have to kill 10 bosses and only get one drop every couple of weeks if your luck is poor, but that would still be better than what some of the perpetually unlucky people are going through that haven't seen anything for a couple months. The whole "The numbers lined up for me and I got geared quickly so this isn't my problem" argument comes off as being very unpersuasive to those without said good fortune.
LFR is to Raiding what Random Battlegrounds are to Rated Battlegrounds.
It's a way to casually, almost mindlessly, exchange your time for loot.
Aside from "proper" raiding, I enjoy LFR most out of the alternative ways to earn VPs. It depends a bit on your role. DPS can be boring, although for alts or offspecs, it might be a good way to perfect and check your performance. Tanks still have a fair amount of responsibility and it can be a great way to practice for the "real" raids, e.g. dancing on will of the emperor. And LFR an excellent place to learn how to be a healer (offspec); it's one of the most fun things I've done in WoW - take a disc priest into LFR. I rather like the fact that the 25 man size makes you less likely to be subject to unpleasant behaviour than in 5 man PUGs.
LFR is pretty much useless for gearing up your main in the long run, although even a few early drops can help. It seems pivotal in gearing up my alts, as they don't raid and I am not farming dailies on them. The 1.5xVP for capped accounts makes them a very substantial source of VPs for alts too.
I'm not really that guy who starts complaining when things don't go his way, but I'm getting fed up myself to be honest.
Week in week out I see nothing but gold on my dk and lock alts. My dk has hit 460 and then 470 ilvl only because of craftables and vp rewards, same goes for my lock (which isn't at 470 yet). The only thing that drops is that plate belt "Patroller's Girdle of Endless Spring" in terrace, wich I've won 5 times now... Other than that it's just gold gold gold gold.
I'm really contemplating to stop wasting my time on it and just wait for the 5.2 increased droprates.