My guild uses a DKP / Loot Council system which is sort of a variation of the honor system.
Basically the guild (excluding healers) have made their list as to who is the most deserving based on attendance, accrued DKP since we started in early BC, how often they loot, and how well they play.
Each of us have given our own lists to the officers, granted their is a bit of a popularity contest - but this is where the loot council comes in. Based on the info recieved, they make a decision of the top 3-5 healers who are most deserving. Then, from those 3-5 the Officers decide based on least flight risk, and the items above.
This system has worked really well in the passed.
Pre 2.4 there were 3 rogues in the guild all of which had high attendance and 2 of which already had the Main Hand glaive(me being one of them). The same system was used and, lucky me, ended up with the second half of the glaive set when it finally dropped. The funny part of how this all worked out is that 1 of the rogues re-rolled DeathKnight, the other quit playing, and me - i'm still the rogue!