I hardly see a problem with the current loot, right now if you have a good group with good gear you can do the entire flashpoint in less then 20 minutes (guildrecord is currently 18min and 32s). The tactics are hard the first few times but then you get the hang of it and it all becomes so very much easier for everyone involved, so I don't agree that the loot should be better, I think that it's perfectly fine as it is. It's not really a hard flashpoint in comparison to the other Tier 1, the damage is lower, the boss hp is lower and the only difference is that the tactics are more complex.
Just as a sidenote, me and three other friends bought full Tionese gear just to try it out (those commendations and crystals were just stacking up anyway) and we were able to clear the entire instance without one single wipe, sure it took longer then it normally takes us but it wasn't really any major problems even with such gear.
I'm not sure, exactly what was done to this instance, whether the timers were changed or what, but it's far easier than it used to be. And it's not the gear level either, because I just sleepwalked through this not using voice comm with a fresh 50 and 2 of 3 people who hadn't done it before. That would never have been possible when this fp first dropped.
Earlier in the thread (probably months ago) I said the drops didn't make sense for the difficulty. Whatever they did to nerf this brought the drops back in line with the difficulty. Hell, 4 columi drops might be too much at this point.