The loot system for the LFR tool is gonna be a nightmare. It seems like there's nothing stopping tanks rolling on dps gear, dps rolling on healing gear, healers rolling on tanking gear, etc etc. Add to that this quote:
"This means that if you were present for the defeat of a boss, whether you receive loot or not, then you will automatically pass on loot that drops during later attempts on that boss during the same week."
So basically you can get ninja'd from when someone takes for off spec, and then you're not capable of getting anything for a week... Wouldn't it make more sense to just say 1 loot per boss but only if you win something. So you can still spam raids until you finally get that 1 piece you wanted. I don't really see the point of having no lock out if theres no incentive to requeue.