The problem isn't drop rates on epics, or the need to have iLvl x to do a raid, the problem is that in order to keep offering new content, new shineys, new expansions, new dailys, etc that itemization inflation has completely destroyed the balance of the game - it used to be that only a handful of raid bosses were gear dependent, and being able to get to those bosses meant that your raid was fairly certain to be getting improved gear from the earlier ones, but now it seems like 90% of your performance is gear-driven all the time.
I raided Molten Core for months in Dragonscale gear I'd crafted, I got only 1 Cryptstalker drop in what felt like eons of raiding Naxx 40 every night, and I never got Drake-Fang Talisman from BWL or any of the other cool things on my raiding wishlish, but it never mattered - beating every boss felt awesome the first time, the more so if it had taken a lot of attempts spread over many nights. The patch before WotLK was where I stopped really enjoying raiding, and since then it just seemed increasingly about having the right gear, and the actual sense of achievement in beating a hard fight was replaced by getting some lame achievement for all hopping on 1 leg whilst fighting with your arm tied behind your back or something that felt equally retarded.
So yeah, I don't think I'm interested in "saving" it actually - it used to be great, and is responsible for some of my all time favorite moments in gaming, but now it's just a bloated, disease ridden corpse, and I think pulling the plug is the the most humane solution.