28% divided 3 is roughly 9% - which is about 65 to 70% of the chance you'd have had under LFR. Except that 2/3rds of that miss chance, you saw the item go a guildmate, which is vastly preferable to seeing gold, gold, gold.
Exactly my point. After two months (8 weeks) at a 28% of one of 3 people getting it you have ~53% chance of not having that specific item. Meaning over half the people in that situation wouldn't have that specific item after 2 months. Factoring in the other people getting it when it comes up and assuming you're not with any PuG members that might want it, you're looking at a better chance to have it after two months, but it's still not a forgone conclusion.
I think this system is just showing people how absolutely terrible the odds of getting upgrades in this game have always been (they were much worse still in Classic with 40 people rolling on a few pieces per boss). You're not supposed to have most of what you want after a month. You're not even supposed to have everything you want after two months. They try to make the content last as long as it can, and it takes them about 3 months to get the next batch out (sometimes longer). It's "working as intended".
Now to whether I agree with that design philosophy, I think there needs to be a better balance than there has been up to this point. I'd like to see gear be more of a "sure thing" once the content that drops it is old. That way people aren't stuck repeating content that wouldn't be the "end of the road" for them even if they could do everything once and move on. It makes gearing alts and late-to-expansion characters less painful, while still keeping the content relevant (and relevant for people in the right level of gear instead of people in 3rd tier raid gear farming 5 man heroics designed for dungeon blues).
However, at the most recent tier? Let it be an exercise in repetition. As much as people get frustrated they come back when they don't get what they want. If everyone got what they wanted the first time they did everything this game would be dead in a few months.