I rather enjoy Looking For Raid.
It's quick, it's pretty easy, but it also "feels" like regular raiding. The large group, the controlled chaos. It's tuned almost perfectly, I think. It does feel like the group needs to do things correctly, but there's definitely a lot of slack.
The way Blizzard has handled people dropping and joining groups is perfect too. It's seamless, and almost invisible to the group participants. It is gloriously transient, and I think, pitched perfectly at that demographic.
What I've found is that so long as the group has one person who looks like they know what they're doing, one leader, people will follow. Most of them anyways. For some reason, target switching seems to be very hard for people. It's one thing to switch late, or not as fast as you could, but to never switch at all?
It's also interesting to see what mechanics Blizzard changed, in order to make the fight possible. The one mechanic that has caused the most problems in my LFR experience is the ice walls on Hargara. Almost every time, the first attempt sees half the raid dead. Oddly enough, the second attempt usually goes well, as most people get the hang of it.
But that's pretty much the only "Do X or die" mechanic. Everything else is healable, and the healers can basically carry the group if there's a decent tank and a few decent DPS. Ultraxion is especially funny, because every special, you can see the people who should have died, but that you can heal up in LFR difficulty.
Loot-wise, the current system is "good enough". To my mind, it just illustrates the difficulty of loot distribution, especially when you have to take off-specs into account.
I wonder if all the people who confidently predicted that this would be a total failure are willing to reconsider. In my view, Looking For Raid is another bold success for Blizzard.
Edit: I was thinking about it, and LFR really reminds me of raiding Molten Core, back in the day. It just has the same sensibility as the raids back then.