If you ask me, the whole LFR system needs a serious revamp.
Yes, it's nice that one no longer has to compete with others for loot, which was all well and good when the expansion first came out.
Now, however, we are seeing the massive negatives. It was nice now and then to have someone just give gear to someone that needed it more. Now, that is impossible, leading to tons of "wasted" loot. With the ability to have HUGE loss streaks, it can take MONTHS for someone to get the item they want, since bosses are locked out weekly. This, frankly, is unacceptable. I know they are making a supposed "anti-loss streak" system, but what is going to happen? Is the loss streak going to end on the one item you already have from the raid? How frustrating would that be?
I have made two large suggestions to the system.
1) Mix the new system with the old. Make it so the raid has drop loot, roll loot, and bonus roll loot. This way you may get loot you need on either the main roll or the bonus roll, but you also have a chance to get loot right off the boss. This, sadly, will bring back from loot drama, but in some ways I find myself missing that social component. Likely, this system wouldn't be popular.
2) Reduce the coins one can earn per week down to 1, but make it so using the coin on a boss has a 100% chance to drop loot. This way, earning a coin is basically a way to earn a "free pass" on a certain boss you have been dying to have loot drop from. You still have to defeat the boss to earn the chance to use the coin, but once you do, you get something from it. Due to the new way they handle Elder Charms in the old raids, this will make gearing up out of the old LFR work a lot faster, but frankly I don't see a problem with that.