My guild use this rule set:
Loot is a need/greed basis, general pug loot applies. BUT!!!!! I expect everyone to be fair and mature about loot as well. The best interest of the raid group.
(1 MS 1 OS, loot priority goes to committed,signed up raiders for the benefit of progression. Essences, BoE's and patterns go to GB.)
(this helps pay your repairs and other perks like free enchants for all raiders)