Let me clarify my earlier interpretation since I reread it and it doesn't seem as clear as I'd like.

There will be no reentry timers. We'll be able to enter any content of this sort as often as we'd like. However, there will be lottery timers per content. Based on their mentioning of being able to participate in lottery up to 3-4 times a week, it sounds like once you participate in a lottery for one of the 3 items the boss drops, you go into a ~48 hour cooldown until you can participate in lottery for that content again.

This would limit the rare loot considerably without making people wait between runs or deal with RNG entirely. Also one can do the content as often as one likes for the token-based lesser items.

Very solid system imo.