Lootmaster system doesn't fix the problem with raid gear.

[Arkista]

The “lootmaster” system will allow the party’s master to distribute lottable items. For example, before entering content you’ll be able to establish item lotting rights in chat, so please be sure to put this to use. Additionally, we’ll be making it possible to do a single take-back on items you accidentally needed or greeded on.

So is there more to the new loot system or is this it? Basically the Party leader can be in charge of who gets what, and if you screw up and win something you didn't want you can discard/trade it for another chance?

Never Mind They decided to add "Additionally, unlike the Coil of Bahamut, players will be able to re-enter a floor in Alexander even if you have cleared it (similar to the Crystal Tower). You will be able to challenge it as many times as you wish until you obtain the item that you want. Also, even if you Need on an item, you will still be able to help others with the progression of Alexander." under some Direct X11 info, They should have added that part to the loot post. Sorry.