There should be variance in how raid encounters spawn, as in the monsters having different abilities/HP/damage output/quantity of monsters, so that there is an actual challenge for the players. That's the real issue.
Once that is in the game, to make it worth playing in the first place, I would vote for static spawn timers and guilds needing to PvP each other to have the rights to certain areas of the game. If a guild with the rights to an area isn't able to win the encounter in a specified amount of time, it then becomes open to everyone.
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