EPGP is by far the best system I've ever tried.
You get EP (Effort Points) for killing bosses and coming to raids etc
You get GP (Gear Points) when you get loot
Then you divide your EP with your GP and you get your prio (The addon does all this for you np
)
When an item drops everyone who wants it for their main spec says "Need" in Raid chat,
if they want it for their off spec the say "Greed" in Raid chat.
Then the raid leader writes /epgp, looks at everyones prio and sees that Player A have more prio than Player B meaning that Player A gets the item.
Example:
Player A have 1500 EP and 500 GP, his prio is 3
Player B have 2000 EP and 1000 GP, his prio is 2
Even tho Player B have more EP than Player A, Player A still gets it since he haven't gotten as much loot.
So basically it's a quick and easy way of distrubuting loot, and it awards the people who have raided the most but at the same time haven't gotten that much loot.