While rolling for transmog stuff is definitely an issue when the game decides who gets what, Ghostcrawler flat-out states that Raid Finder is not the place for vying for transmog loot. There are other places for that. This new personal loot system will be used for world bosses as well.
Ghostcrawler also revealed the bonus roll system, where players will be able to earn tokens from various factions in Pandaria to spend on (among other things) a bonus roll when attempting to get loot off of a boss. This system will award tokens through tasks and dailies, giving people who prepare for Raid Finder a bit of an advantage if they choose to spend a token earned. Faction rewards, enchantments, epic items, and factional gear can also be purchased with these tokens.
The valor points system is also undergoing a revamp, with points taking on a new role of upgrading existing gear, but the final system is not really ready for much discussion. And, yes, the explanation for AoE looting is priceless. Hit the jump for the full post.