I have seen this alluded to before, and I will admit I am looking forward to seeing what they have planned. What I am hoping for is that it will be easier to snag the loot you want, rather than farming a boss forever and never seeing it drop. As I have detailed before, my Devout robe NEVER dropped in 50+ UBRS runs. If I knew I just had to collect 5 red tokens of power and 8 blue stars of mana to claim my robe, it would give me a goal beyond "oh, I hope he drops my robe, oh, damn, he didn't....LFG UBRS Have Key". Maybe this system will solve some of that.
Also, it could, if implemented properly, give the dungeons more staying power. If you get access to some truly awesome gear at exalted, and you only get exalted via clearing a dungeon on hard mode a bunch of times, it will give rep farmers something to do. Granted, farming rep is farming rep, but farming as a team in a dungeon seems a little more fun than sitting in Silithus by yourself searching for Twilight Texts.
What do you guys think? Am I only seeing the bright side here? Would you like a ZG/AQ20 style loot system in place for more dungeons? Or are you more partial to being a slave of the loot table?