I'm fine with that change personally, seeing as you'll get the same valor for every 5-man completion, which will still probably be the easiest way for most folks to obtain VP, short of the dailies, etc we'll see in MoP (based on Blizzcon presentations). For me that's the MOST welcome change, as ZA/ZG havs been a little played out since 4.2 hit :P Going back to full randoms will be a nice change, as well as gear droppage from the Dragon Soul 5-mans.
I'm also very interested in LFR, not just for potential rewards and being a good way to learn fight mechanics for normals / heroics, but also to get that PUG vibe back for 25-mans. Granted, there's some degree of imminent group failure, and you have to go into it knowing that it's going to occasionally happen. That said, I've had the chance to group with some pretty impressive players in 5-man randoms, and those occasional grand successes outweigh the occasional struggling runthroughs.
Moreover, my guild has had plenty of nights where we almost had enough people to raid, and with LFR, it'll be pretty easy to hook up smaller groups or fill out that other 1/3 or 1/2 of a 25-man. We're also in that situation where we tend to have a set 10-man group and a few players are left out of the opportunity, either because of their schedule or b/c they need some more experience. For us, I think LFR will be a big benefit especially to those near-raid players, as well as the group as a whole, and soon we'll be geared up for 10-man Dragon Soul normal while the remaining folks can still use LFR whenever they're free.
There's been a lot of difference of opinion between HC raiding folks who feel that casual folks or people who aren't actually raiding shouldn't obtain the tier gear. I'm one of those casual folks, and I completely agree - if I can at least use VP to get comparable, though not as good or iconic gear, I can still progress towards normals / heroics, but still have that tension and excitement when a boss drops and seeing if any of your gear dropped. People who earn it will again have had to work for it, but the path towards stuff almost as good or for fill-in will still be very accessible.