No it isn't. Regular raiders are supposed to be jumping into regular raids, not using LFR as a spring-board. They can, but they're not supposed to. You'd probably gear up faster having your guild clear the previous raids than using LFR. LFR 5.0 raids are supposed to spring you into 5.2 raids with a significantly increased drop chance for gear. Even regular/heroic raiding doesn't guarantee you loot every week.
People are complaining, and rightly so, about some aspects of loot and Blizzard is listening. In 5.3, each time you get a failbag your chance of getting a piece of loot increases until eventually you're guaranteed something (if something doesn't drop before then).