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Correct. However, in 1.0 the drop rates were quite low and it wasn't to be expected that you might get gear often. I didn't do Ifrit or Garuda often, but I did Moogle King a lot.. Hundreds of times. I only got 4 weapons and one was a repeat that I ended up exchanging for GC Seals.
Earlier in the beta it was stated that there would be a maximum amount of times you can roll on equipment in a certain period, but they changed their mind and did away with that around Phase 3. As of right now there are no limits on how often you can re-enter a dungeon to the best of my knowledge. How this will affect raids such as Crystal Tower is unknown at this point though.