If the potential gear drops from bosses are going to be this low of a percentage in the drop system, then we should be able to do the Raid at least three times a week instead of once on normal and then if possible once on Hard just for boss loot. Having three attempts on normal and only having the reward you once and each successive time you can only get loot from bosses would be a fair compromise in my opinion.
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Its honestly fine the way it is. In most traditional MMO you could raid for weeks before getting a piece of gear, especially in a guild that uses DKP.