I've wanted a feature like this for years. Raiding has always felt too much like a job. Now I can raid on my own time, not on a set schedule.

before you get too excited i'd like to tell you what i think will happen. Now, don't get me wrong i really REALLY want this raid finder thing to work and be good. However, my gut says that it wont be. Several things need to happen for the raid finder to be good and a viable option. First, there needs to be some sort of 5 minute or so trial for whatever role you selected that proves that you actually CAN fulfill the role. Such as a dps smacking a training dummy while dodging fire and other sorts of aoe with a minimum dps requirement in order to queue, or a healer having to keep a mock raid alive for a set amount of time, or a tank having to keep the boss and adds off of his mock dps so they can take the boss down. Second, there needs to be some sort of player rating system that doesn't take troll votes into account. It needs to rate a player's capability in a specific role in something like 1 to 10 stars. If your stars are around 8 for a specific role it'll group you with other people who are around 8 for the rest of the raid (this may need refining quite a bit) or do something like arena ranking except raid ranking, giving you points for successful boss kills and subtracting points after a certain threshold for failing to down a boss. Third, The raid finder will have to allow queueing for specific bosses inside the raid. One instance of the raid finder will consist of the first boss of a raid then its over the players get their rewards and may leave. Or they can remain and queue for the next boss. The second boss will open up on the raid finder after the first is defeated and so on. This is to prevent players queueing for the final boss of a raid first and saying "I KILLDZED DETHWANG!!1!1!!!" when its the first boss they've ever killed in their lives and they were lucky their raid didn't boot them for being bad. Whew, sorry for the wall of text but thats my 2 cents.

Is the raid put together within your own realm or with others?

The problem with your "raid rating" is that raiding is a group effort. You could be an awesome healer but the tank keeps standing in stuff so you continue to wipe. All 10-25 people then lose raid rating because of that one stupid tank.

If you have an odd schedule yet still want to raid I understand your plight. Unfortunately I don't think this is the answer. It will work for old content and perhaps the previously nerfed tiers but if you're expecting progression on current content I assure you it will lead to disappointment. Raids require far more coordination and awareness than heroics and I see no reason why the raid finder would be immune to the problems that plague the dungeon finder. In fact, it will only exacerbate them. If you think the same terrible players you encounter in the DF will be able to take direction, coordinate cd's, and put out enough dps, then you're a more optimistic person than I am.
Maybe another raid difficulty is the answer. Compromising the current tier to cater to pugs is not.

I seriously hope Raid Finder is more then just a 10 man version of LFG.

I hope there will be check boxes galore for the specific class and spec you're looking for.

I hope there will be some sort of ILVL requirement in the raid finder, either set it place by blizzard or to be able to set per raid. I know people would abuse that like gearscore, but there is such a thing as not geared enough!

And.. if it does pull people from all servers... i hope there is a check box to allow it to only pull from yours. (I can dream)

*crosses fingers*