I think there is a way to do this and do it right, here's the plan:
***NOTE: In this post the term "ENCOUNTER" refers to an individual boss fight.***
1. Cannot be used for current tier raids. If you want to do the current tier, then get a guild or start a pug.
2. Players can queue for a specific encounter or a random encounter. Queueing for a specific encounter will put it on a 72-hour cooldown and you can't go back to that specific encounter even if you queue for random. However, if you group with people on your server, you can do it again and the normal raid lock will then apply.
3. Bosses award 25 valor points each, with a maximum of 200 per week via the Raid Finder system.
4. Before you can use the system for a specific encounter, you must have read that encounter in the Dungeon Journal. Before you can queue for a random, you must have read every encounter in the Dungeon Journal.
5. Minimum item level of 5 points higher than the last Heroic tier required to use. Example: The Zul's require 346, so the raid finder requires at least 351.
6. Unlocks at level 60. Can be used to assemble groups of 40 for Molten Core, AQ, or 25 for Tempest Keep, Black Temple, and so on...so you can roll an alt and have it just like the good days if you so desire and are willing to wait.
7. Cannot be used for any Heroic difficulty encounters.
8. All groups will require one Raid Leader, which means that at least one person in the group must already have completed the encounter. If you possess an achievement for the fight you are queued for (if you are queued for that fight specifically), you will be given priority and grouped faster. Anybody with full achieves for all of the content is given that same preference when queued for a random.
9. One kick is allowed for every 2 tries. A try begins when the boss is aggroed. No player can be kicked before that. If after two tries the group is still unsuccessful, the group has the option to kick one player. Any player kicked must re-read the encounter in the dungeon journal before being allowed to re-queue. There is a one-hour deserter penalty for any player that drops group within five minutes of entering an encounter, unless the group wipes before five minutes have elapsed.
10. During loot rolls, players can only need role on items that correspond to the spec they are currently in. Example: A DPS/Tank Druid cannot need on any item with Spirit. A Holy Paladin cannot need on any item with Strength, and so on...
This system will allow casuals to EARN their tier gear and will not bother the hardcores because the casuals will always be one tier behind. They can still get the newest items first and not feel like others are getting epic stuff for less work. This way, EVERYBODY WHO WANTS TO AND IS WILLING TO WORK FOR IT will be able to eventually see and do all the content in the game. No more getting screwed over by groups that break down because a healer leaves, no more spamming trade all day if you're level 70 and want to do TK, this system will make sure that everybody has equal opportunity to EARN their gear and get to do the content. If I left anything out, please feel free to add in more suggestions.