I really like the Determination buff in Raid Finder. Every time you wipe, you get an extra 5% buff that stacks up to 50%, until the boss dies.
I don't know if it causes less turnover in raids. People still seem to leave almost randomly.
However, I think it has greatly improved the atmosphere in Raid Finder. The buff gives hope that the next attempt will go better, or that eventually we will overpower the boss. There seems to be far less acrimony and finger-pointing on failed attempts.
Last year, I proposed PvE Handicapping. In some ways, Determination is an attempt at that, using wipes to determine the handicap.
I wonder if it is time to consolidate the Raid Finder queues. Currently you have to pick which wing you want to attempt. That means that there are 7-8 separate queues right now. If you pick the wing that no one else wants right at that moment, your wait might be much greater than normal. You could have things like 4 healers in one queue, and 2 healers in a different queue, and that would be enough to actually kick off one raid if only they were in the same queue.
If you look at the Dungeon Finder, everyone is thrown into the same queue for a random dungeon, shortening queue times as much as possible.
And a lot of the time, you don't care which Raid Finder wing you actually get, so long as you get an instance with bosses that you haven't done that week. As well, in 5.3, we will get the ability to choose which spec we get loot for. That means you may as well sign up with your preferred raiding spec for everything, and change your "loot spec" on a boss-by-boss basis.
Of course, the logic involved in a consolidated Raid Finder would be more involved than that of the Dungeon Finder. You would have to avoid putting people in a raid which only contains bosses they have already killed.
I still think it would result in better performance. You can look at the current system as a worst case scenario of the consolidated system, if you assume that you manually sign up primarily for wings you have not done yet.