Raids are meant to be the #1 way of getting loot. Otherwise, what the -blam!-s the point to them?
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You're right, there would be no poitn. The real issue is that Iron Banner should be the PvP equivalent of the raids...and its not there....yet.
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I mean actually it is lol. I got a lot of stuff in every iron banner. Granted.. I won 75% of my games and was either 1st or 2nd each time