If you look at it from a logical perspective of raid progression, the previous 10 man raid content to ICC 10 was ToC 10 man. This gave out 232 gear, so that would be the gear you would be expected to be starting with. You don't necessarily need to have full 232 gear, especially when you have some 245+ gear mixed in. One could argue that the later levels expect some gear from the previous tiers but how often are these pugs just doing 4/12 or 6/12.
The 30% buff just makes it easy. My DK (my latest char) was 7/12 in icc 10 man before he broke 5k GS and he was the OT. I'm pretty sure that group could have gone farther, and we planned to but ran out of time.
Many people seem to have gear requirements set at an extremely high level for the content which is pretty ridiculous. Undergeared has shown what is possible, in the extreme, but I don't think that can be applied to your average pug. Your average pug isn't going to have put nearly as much effort into getting a good or the best combination of blues, they aren't going to have put as much into enchanting/gemming it and they aren't going to hang around for multiple wipes on bosses. I haven't checked it but I assume they are extending their lockout so have probably have only killed many of those bosses once.