I've found it rather frustrating trying to figure out which of my toons should get loot. Despite searching long and hard on these forums and the net at large I couldn't find a simple solution. I took action and scratched together an addon to help. The addon just adds some info to equippable item tooltips. It goes through party members and list items that match the same slot. All I'm interested in is the iLvl, name of item and owner, from that I can decide who gets the loot.
E.g. In the screenshot for looting Crystalline Cuffs, an ilvl 18 blue item the addon adds the following to the tooltip
Zolapr  Crystalline Cuffs (blue)
Zollock  Armbands of Praise (white)
Zoloma  Mystic's Bracelets (green)
Zolos  Feral Bindings of the Owl (green)
Using that info I decided to give the item to Zollock because that char had the most to gain.
The text is printed in the colour of the item quality and the format is: player_name [ilvl] name_of_item
Known problems: When this addon is installed you can't manually inspect properly. I don't need to inspect, so it isn't a problem for me.
Disclaimer: It was written in one evening and has not been tested.
The addon is attached.
Questions and Answers
Q: Are you planning on doing more work to the Addon?
A: No, I'm not planning on it, but I probably will make updates.
Q: Does it work with a group, or do you have to set up a 'team' like with Jamba?
A: It uses "Party1" to "Party5" for inspecting so it should work in any Party. Other party members do not need the addon installed.