I'd much rather see loot lockouts instead of raid lockouts. That was one my biggest complaints with WoW.
Nothing is worst then getting in a bad pug that manages to kill one boss. The rest of the week is now shot because all the other pugs are looking to start at boss #1.
Or... being that one extra guild member who is asked to be on stand by all week because you have too many people signed up for this week's raid
Can the loot lockout be abused a little with alt runs? yes, But I'd rather see that then get locked out from raiding for an entire week of raiding.
and YES, I do raid with my guild for fun. I enjoying the killing of hard stuff vs loot.