When I tried ML, group members were too impatient for loot and many times ran off before I could assign loot. I don't think people in general realize there is a distance on who can be assigned loot, and if they run off the ML does not see their name on the list. This caused me too much frustration on my first attempt at leading a raid.
So I prefer Loot Method: FFA Loot Threshold: Premium. I instruct people to turn-off Auto-loot on right click and instruct them to let me loot first if possible. Only when people don't follow instructions has it become a problem, and that is usually with puggers. However if everyone in the group follows the instructions, it is a very quick effective way of looting in my opinion.
^^ This guy is doing it right.