If the system is to be changed, why change it to a variation of an obsolete, politic creating bull<bleep> inducing system?
Better system: Loot is rolled for everyone separately, no one sees what everyone else gets, adjusting chance and numbers accordingly, and allowing you a chance to give an item up if its bind of pickup.
There you go! Some games have/had this, and it made the PUG dynamic far more interesting. Pug raid groups were far more common and successful.
In this day and age of MMO you would think people realise there's more MMOs than EQ/WoW and its direct clones. Some have different loot mechanics which in turn create different "loot rules". And few/no major MMO has a companion system like this one. So the rules become fuzzy, and people who think there "one true WoW-like way" is the only way are arguably causing more problems than the rest. If you don't setup rules before the group start, its free for all. (Note: I have never rolled for anything for my companion, even when duoing with my wife. Doesn't change that the above is true)
I agree 100% I've also never played a MMO with a companion so rules are fuzzy to say the least. Also now you can takes mods off items so what is the difference if the person only wanted the Armour for the mods and not the fact it was a heavy armor piece?