After turning in the pearl you get a 20 minute window to engage.
If the guild/group/etc wipes, then it turns FFA.
Yep I've seen people turn the pearl in and relinquish the loots to whoever is helping them so they can get their epic.
Personally I camped it for 15-16 hours, kept the TMO scouts at bay... and had people on call camped, and some waiting with me. Gave everyone who came to help a roll on the items (all greed for non-no drop stuff)
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Was just happy to have the camp over and done with.