The fact that it's "alt" unfriendly, while being an issue, is probably the least important flaw of ff14 loot system, now i do think they should rethink their approach on player retention (because that's what it's all about, this system wouldn't be like that if it weren't to time gate gear acquisition and retain player.)

As far as I'm concerned, the main issue with the current loot system is that it is as boring and bland as a mmorpg loot system could be, stats are boring, no special effect on any gear, no rare/fun item you can loot on random mob, it's a perfect example of what is wrong with this game direction : Streamlining to the extreme, everything is on rail and devoid of any originality. That goes for the job design, the loot system and basically every single piece of content that is added.