Molten Core - Worth the time?

[Yahtzee]

Ive got several 85s with 360+ gear. Im contemplating taking a Paladin (85) and the level 60 toons, and go bust down MC for the T1 epic gear... rep and a shot at Legendary's.

Rumored that you can no longer gain experience from raids. True?

BC quest gear better than T1? (Its been so long, but I seem to think this IS the case)

I've done Molten Core 39 weeks in a row now, sometimes several times a week, and I have yet to complete a single legendary.

I've gotten the Garr binding 3 times on the same character, Geddon binding on a different character, and have never in my WoW experience (since vanilla) seen Ragnaros drop the Eye of Sulfuras.

I'm about ready to give up on it.

Also, at worst, you could just turn off your XP while doing it.