Sure, the loot was epic because you never got any.
Sounds great, until you realize that your entire 40 man raid can't progress because of an artificial gear wall that takes literally months to overcome. And good luck if any of the members you helped gear up for months -- especially your tank -- quits, or even worse, changes guilds and gives the progression you worked them up to, to someone else.
I do not miss vanilla progression. People who act like those were the 'good old days' are blind as can be. Time to take off those rose-tinted glasses.