The new Looking For Group setup is great for getting quick daily dungeon runs.
It's also great for alts - my tauren druid managed to get a group for Ramparts in all of about 10sec as a healer, which was convenient as I only had less than an hour to play at that time.
What it *isn't* good for - and an annoying one for me - is allowing you to be on alts while you wait for raids to form.
To explain a little further:
I'm a high Achiever. I like to say I've done everything - as of this post, I have 8140 Achievement points, and a lot of those points were from PuGs.
I don't, however, care about Achievement points, gear, reputation or experience on my alts - I play them rarely, I'll do all the class-specific quests and get the "essentials" such as fast mounts, but I don't spend gold to gear them up or buy expensive Profession recipes.
The problem? I can no longer play my alts while keeping a lookout for raid groups forming for my hunter unless I sit in town. Non-80 alts can't even sit in the LFG raid tool, because they're not high enough - people can't see you to invite you and you can't see/"hear" them LFM.
Also, even if you *are* on your main, not every group will stick themselves in LFG, especially if they only need a couple of slots filled... meaning you're doomed to sit in a major city just so you can monitor the LFG chat channel.
I probably wouldn't have minded so much being doomed to sit in town months ago, but I already have Old Ironjaw, Old Crafty and all the Dalaran Fountain coins, so what exactly can I do now? Join the travesty that is Trade Chat out of boredom? Surely not...