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While probably not necessary for the audience, I'll still briefly describe the difference between the two systems: with Personal Loot, everyone has a %chance to receive an item from the boss. With Master Looter, the raid is guaranteed one item per five players, and the loot master hands out the items based on the type of loot system being used (Need over Greed, Loot Council, DKP, etc.).
Heading into Warlords, I had an old-school attitude. Manually dishing out loot is part of what makes it a raid! Then, nearly every group I joined outside of our guild raid was using Personal Loot---granted, this may be a result of the fact that the groups are PUGs. Still, I couldn't help but notice that with Personal Loot A) Loot takeaways were equal to and often better compared to Master Loot B) No time was wasted calling for rolls, tracking them, dishing out the loot, etc. It jogs up the memory of having to wait to pull Iron Juggernaut during the Siege of Orgrimmar because our master looter was still handing out drops from Galakras.
Not only does Personal Loot take less time, but it removes the guesswork behind who gets what. No raiders are going to accidentally roll for something they can't use; no raiders are going to miss a call for rolls on an item they could use; and finally, a raiders' ire is directed solely at RNG---not at the player who won the roll over them, or the raid leader's unfair loot system. I feel Personal Loot works well for our guild, which fields a consistent 1-night raid, though it wouldn't for a group that prefers to gear its player more strategically.
That's just my take though---and not all of my fellow guildies would agree with it! I'm curious to know which method you prefer, and the reasons for that preference. Feel free to reply to me on Twitter!