If, like me, you heard about the upcoming changes to the Raid Finder's loot system and were a little confused, then this post by Zarhym clarifying what exactly will be changing
is a useful read. Basically, rather than rolling against people in the raid (as is the current system), you roll and the chance that you will or won't get loot will have nothing to do with other players at all.
Zarhym -- The new LFR roll system
First, other players will not affect your loot in any way. Another player winning will not cause you to lose. Another player winning a mace will not mean that she took your mace. If there are many rogues in the raid, your chance of winning a rogue item is not diminished. We may decide that each player has an X% chance to get loot, or we may decide that X number of players get loot, and then randomly determine who those lucky players are.
Second, the item you win will be "useful" in the sense that it's potentially usable by your current spec. This does not mean that warriors will get leather because warriors can equip leather (at a huge stat loss). It also does not mean that the game will always give you an item you want or an upgrade for the items you have. It just looks and says "You are a Holy priest, so here is a random item chosen from the Holy priest-appropriate items that this boss can drop."
You'll still have a chance to not get the item you want and have to come back again, but at least this will curb that hideous sinking sensation of seeing Gurthalak
drop and knowing yet again that someone else is going to get it instead of you, leading to hostility. Zarhym then goes on to explain the bonus roll system, which is a roll you can effectively trade in for a guarantee of some kind of reward, be it extra gold or a random drop from the boss. At present, this is all only for the Raid Finder, with a possibility of seeing the systems in dungeons if it works out.
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