Randoms for loot are "fair" in that each person was there for that boss that that item dropped from, so everyone who [wants/needs] the item should get to roll on it.
Randoms for loot are terrible in that people who show up for 1 boss have a chance to win a godly drop over people who have been at the last 10 raids in a row and who will probably be at the next 10 raids in a row.
Even though this system isn't a guild, so it may not need as much emphasis on rewarding past effort in order to ensure continued future success, it still seems like a bad idea to me to do a totally random system. Happy medium, perhaps, would be a system where there are randoms for gear, but DKP awarded for prior raids add a flat number to your d100 or add a number of sides to your die roll.
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