This will be short and to the point. Here is what the Charm is today, and will along with the lesser Charms become a currency in MoP 5.1.
There are a few issues with the LFR loot system which is also used for the 2 current World Bosses. The main one being that if you would win an item the second time defeating the boss you are taunted by the system showing you the loot and saying “If this had been the first time you did this you would have one this item. Sucks to be YOU.”
The Elder Charms allow you to get an extra roll for loot on all boss kills even if you would not normally be able to loot from the boss in the case of LFR and World Bosses. In normal and heroic it is my understanding that you can use them to get an extra chance at personal loot and not the normal drops and loot system that your raid is using.
My suggestion is that for LFR and World Bosses that the Charms are expanded to be such that in the case where you would have one item X but it was your second kill you should be able to spend the Charm to get that item and not just getting a random roll. Hey if people then run LFR and World bosses until they get the item they want to drop for them the 2nd, 3rn, Nth time then hey that is 1 person helping others get their 1st, 2nd Nth time.
It would be a win/win, more people running LFR more regularly and then you don’t waste the 90 dailies worth of effort on gold equal to 2 dailies.