It's not cheating. It was outlined clearly in the party description. I finally got my Ifrit pony after numerous low rolls in FFA groups in a Lootmaster party last week. It can work just fine if everyone understands how the rolls work and accepts the way the order is established. It is unfortunate that many have given it a bad name, as they loot and disband once they have what they wanted. But the feature itself is not against any rules.