Personally, I hate this new system.
Rather than enjoying myself and running with my FC/LS, I'm now not going to be for this, because I actually want mounts and companion armor, and yes, that's the idea behind this system; getting people with groups to not run with their groups. Personally I find that notion inane, but I'll suffer it all the same. Will I be nice during runs? No, I'll shut up and get the job done. Will I be helpful if needed? I guess so. Will I be enjoying myself? Hell no.
Call me crazy, but I play online games to play with my friends, not to help completely random people. If this was purely a reputation system with no rewards attached, or if the rewards were related to dungeons, I'd be perfectly fine with it. You want to build a good reputation? You help random people. You don't need a reputation because you have friends? That's fine too. You want to farm dungeons for their drops? So do I, that's what my friends are for. You don't have friends? Don't be a dick and you can buy the drops with points. Everyone is happy.