Long, long ago, when dinosaurs roamed Azeroth and barely anyone I knew had their epic mount, we used to argue about what would happen if the tiger mount dropped in ZG. This was back when the epic mounts themselves were the expensive part, not the training. There were two different schools of thought on the subject. There were some who thought that people without an epic mount should get first dibs, as it would essentially be only a cosmetic upgrade for people who had their epics. The other people thought that epic mount-holders shouldn't be prevented from rolling on a rare, awesome thing just because they had taken the time to farm for their epic. This argument largely died when the cost of mount training became the expensive thing. Or did it?
Recently, a guild on my server killed Kael'thas and received the Ashes of Al'ar, also known as the phoenix mount. The guild leader/master looter linked all the loot, said that they would discuss the phoenix mount later ... and after the rest of the loot was handed out, proceeded to masterloot it to himself. A few officers of the guild defended his actions by saying that some officers had encouraged him to take it, which somewhat neglects the fact that this guild runs on DKP instead of officer loot, and that running a guild is a tough job that deserves some extra recognition.
This has prompted a spirited discussion about what to do when ultra-rare mounts drop. There seems to be five options here: masterlooting it to yourself, having everyone roll, having everyone with 300 skill roll, bidding DKP, or having everyone with 300 skill bid DKP. Most people I've talked to seem to think that masterlooting it to yourself is a cheap option, but are undecided as to whether you should have to have 300 riding skill to roll.
Personally, I think that this would be an excellent opportunity to use a bidding DKP system, even if you have fixed DKP values (like my guild does) because it's hard to assign worth to a cosmetic upgrade. That way, people who really, really want a phoenix mount can blow all their DKP to get it. What do you think guilds should do about rare mount drops? Is it really a ninja if the masterlooter takes something? Should guild/raid leaders get some sort of bonus when it comes to loot distribution?
Edited to add: Uxorious and Chad are not the same person.The GM of this guild is a good person, and I personally do not believe he's a "ninja" in the classic definition, of maliciously taking an item. Officers from the guild in question have said in the comments that they were unprepared for the mount to drop and, in the confusion, they encouraged the leader to take it.