reply to Nick D
Re: [MoP] Next Legendary I was going for the hilt style, just have it earlier. Like Immer said, have it be a low drop rate but I'd make it BoP instead of BoE so you don't have them as a get rich quick on the AH. If you had it drop from first tier heroic bosses with a 1% chance you either have people who get lucky or people with my RNG luck who would kill 200 bosses and never even see one, let alone win it. Plus, people would still run them 2 tiers later in hopes of a hilt drop.
For me in Wrath I was in a 10m guild for most of if, but it doesn't mean we weren't serious about our raiding.
Having it be LFR ilvl isn't too bad of an idea either, though you'd probably have to keep any questlines to new tier heroics instead of raids.
BOP wouldn't be too bad. I just got annoyed a lot when things would drop and be useless because "oh I got a weapon from the AH" or "nah I don't need the offspec piece, I bought tier with VP". Having something drop and having it not be useful because there were easier to obtain and better gear for that slot is annoying. If something drops and you don't have that class or its dropped before, that is oddly less infuriating.