I've completed the raid 5 times and found my first piece of raid gear last night. I'm fine with current system because it keeps me coming back to the raid. If you make the top rewards earned, the game would be beaten in a week and it would die. I'm going to keep raiding and crossing my fingers, hopefully I'll get to Lvl 30 soon.
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My friend beat the hard raid 4 times. She got a Mythoclast, all the standard raid weapons, all her armor, Fatebringer, and ascendant materials. Hasn't even done 20 raids total yet either.
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Wow. There is actually someone out there who is quite content with being 29 while wanting to be 30 Thought I'd never see it
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Wait until your 20th time in the raid at level 29.
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Keeps us sharp, friend