1) Show the loot everybody wins, and show people their own rolls. Both pieces of information will make it "feel" like a closer thing.
We're still not convinced this is the right way to go about it. Our initial approaches are going to be based around your personal drops, win or lose, feeling more satisfying. If it still feels like killing bosses and seeing what you get doesn't feel good, we'll continue to evaluate.
2) Give every player a hidden variable of their chance of getting loot, and for each failed roll increase that variable by a small amount. Say, 2%. If you go an entire week of full LFR with no loot, your next roll would get a +32% roll.
I made a recent post that covers a bit of this, and nods at some future possibilities as far as ensuring LFR runs feel rewarding. We're not looking to make LFR drops guaranteed, that kind of reliable gearing is what Justice and Valor are for not boss fights, but certainly the opposite of guaranteed can be just as bad. It's something we're looking at and talking about internally, we just don't have anything specific to share right yet.
Aside from that, we call the Elder Charm 28.50 bag the fail bag because it fails as a consolation prize in generating excitement, or even feeling like a consolation. If you don't win a piece of gear, fine it happens, but at the very least spending a charm should give you something to look forward to. Getting a bag, anticipating what might be inside, and having the possibility of being excited about what it contains is the goal. That change will be in 5.2.