A friend and I were discussing meters the other day and differentiating how well someone performs for their gear and the usefullness of something along the lines of Damage Per Second Per Average iLevel.
Benefits:
Brings numbers to a reasonable level of comparison. Instead of comparing 30k to 31k, you'd be comparing super low numbers and millions of damage to thousands of damage.
It would be a more accurate representation of performance since the number has a lot less to do with where you place with everyone around you but where you place with the gear you have.
If leading a raid and you need to talk to someone about their performance, you can look at this number and see who just needs gear to perform or who is just doing something wrong without having to individually inspect the low numbers. 28k is acceptable for 370 but not 390. (370 ilvl has a score of 75.7, 390 has a score of 71.8 and would have to do another 1500 DPS to be comparable. See below for a problem with this example as I feel the 390 should have to add a lot more than 1500 DPS in order to be comparable to someone 20 ilvls lower performing their limit)
Problems:
Innately, certain classes and specs will perform worse than others regardless of how hard blizzard tries to balance.
There has to be some scale. For example, using the one above, 28k for a 370 ilvl is almost max performance. 29.5k, to achieve the same score, for an ilvl 390 person is about 80% performance. While the number(DPSI) should go up and not cap out (Or perhaps it should cap or be "around" a certain number that is ideal. Say based on a middle of the ground class/spec), it needs to go up slower such that performance between 370 at 95% should be equal to 390 at 90%, not 80%.
I could probably work out the math but I am at work and would need some more concrete numbers to work with.