I'm personally a fan of the EP/GP loot system.
Earned Points vs Gear Points.

Basically, points are earnt based upon time invested in the raid.
You can have bonus points based on kills or first kills etc.

And then items have a gear cost, which is deducted as items are looted.

The priority to loot is based on the highest ratio.

A strength of the system is that both your EP and your GP decay at 10% per month.
So you cannot effectively stockpile a lot of points.
As your EP rises, but you choose to not take gear, your ratio does improve.
But 10% of a higher EP means you are eventually losing points faster then you're gaining them.

The system is particularly strong if everyone is equally geared or close enough when you implement the system.

Also, generally a new member needs a minimum of "x" raids attended.
Or a minimum of "x" EP before their ratio counts.
Once it does, since they have no GP, they basically automatically win one piece early.
After a couple of pieces, they have much lower priority then a long time member.
Still, after the dues are paid, getting two or three pieces is a nice reward.