You realize in mythic guilds about half the roster has had this level of flexibility? I'm bottom priority on loot BECAUSE I toon hop and I'm the one that made that decision because the guys that are guaranteed to be on the same character pull to pull should get priority over me. That's cut and dry.
We also have a rule where council members and officers are inherently lower on loot priority with a few exceptions (drastic performance difference, size of upgrade, etc.)
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So now fights will be easier? I mean that's how you'd adjust tuning. Either more loot drops and the overall gearing speed doesn't change (then why make the change?), people gear slower so content is easier (that also seems like a bad solution because people that progress through heroic slower will progress through mythic faster, where as guilds like mine the difficulty of mythic is what keeps us from burning out), or people gear slower and content is harder for it (which then just makes heroic splits even more appealing...)
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So there's a couple things that don't add up here though. Splits are already the result of blizzard not having foresight when it comes to the competitive raiding scene, so I don't exactly feel confident that Blizzard has accurately foreseen the side-effects and fall out of killing master loot.
The second thing is splits aren't going to go away, they're just going to change. Personal loot will encourage just different kinds of splits and for heroic splits to last longer into the race -- they won't go away. Sure, the week 1 splits won't be as rewarding due to ilvl preventing trading, but by week 4 splits are back to being super rewarding, especially when it comes to targeting things like trinkets. My couple friends in top guilds are already starting to get assignments on what they'll be expected to learn for splits lol.