It isn't necessarily coming out with "something". If someone walked out of the dungeon happy, it is a fair system. Each MMO I play runs off this concept. The boss dies, it drops guaranteed loot, it may not be the loot you are seeking, but it does drop really good loot regardless.
Illidan from the Burning Crusade content in WoW had guaranteed really good drops from him, and added a cherry on top of that ice cream by having a chance of the Legendary weapon dropping. At the time, not anyone could just beat him, he was hard yet fair, and his drop rates were guaranteed and a decent chance at the legendary weapon because of cool down times. This is a balanced system. To FFXIV's defense, there isn't that much content, and hopefully 2.0 will have a wealth of content where long cool downs are understandable.
We need large scale content and stuff to do between those cool downs. Perhaps events in between times that has nice accessories to obtain or gear good enough to make you viable in high end game raid content. I don't know, my thoughts blueprint other MMO's because they are done right. :\