I support this. I'm here to play DDO, not play miller-from-the-dark-ages-grinding-wheat-his-whole-life.
Its actually really funny to compare this drop mechanic (very MMO, very 3rd ed) with the new drop "mechanic" in 4th ed. 4th, which is accused left right and center of being MMOified (a fair accusation), has directions to the DM to give their players stuff they want. Not random trash off some table, but actual useful important equipment.
I would go so far as to say that like welfare epics in some other games, content that's >6 months old needs the drop rate to rise,special list on the 10s completions. >12 months needs still higher drop rate and the 5s completions and >18-24 months in age needs to be "20th run loot table every single run." If they do a major revamp on the quest, feel free to reset the timer.
I'll admit to being a raid mechanic hater though. I'd much rather have single-party content than raids.