Matt goes on to conclude that if you're racing for a world first, you probably wouldn't want to waste your time distributing loot of all things. A fair point, seeing as top guilds often get kills within hours of each other.
I myself have never been in a world top 10 guild, but having been in several competitive US guilds I've seen my fair share of loot council and DKP. Regardless of the system my guild was using, we were always expected to make (and sometimes post) a list of our best-in-slot gear before the start of a tier. For DKP, this was to reduce the amount of surprises in bidding and help us all get an idea of who needed what before we snagged an upgrade. For the more common loot council, this let the council put together a master list to decide who should get what first. But which one was more efficient?