A couple of things:

My guild's loot is distributed by the raid leader. Plain and simple. You
just need to trust your raid leaders to be fair :)

Bards are a tough class to decide on loot rights. For weapons any other
melee class can use them better than us (since they all have dual attack),
thus isn't the guild served best by having them go to the real melees. No
to mention, a portion of a bard's life he isn't even using weapons. This
definitly includes most large mobs, which really make a or break a guild.

Example: We killed Wuoshi. He(she?) dropped the Crscent Blade (a SWEET
1HS) and An Emerald Scimitar (very good ratio, but slow as hell, +100 mana).
The raid leader (clearly) awarded the crscent blade to one of our warriors
who does have his epics yet and gave the scimitar to a druid who isn't in
our guild but id on at least half our raids (we have about 10 players who
are members of small guilds, but might as well be in our guild for raid
purposes). However, the warrior was asked to give his lammy (replaced by
the crescent blade) to me, since I did not get the scimitar. (then we
discovered bards can't wield lammy's, heh)

A similar case can be made for armor. Would the guild not be better served
by having a tank with a higher ac? THough bards do take a beating too...

However bards can't be totally shafted by loot either. 1. No raid leader
wants to shaft anyone. 2. (at least on my server) Good bards are rare, and
most guilds don't have enough (I go on raids with at least 3 other guilds,
and we have a group of 4 bards who regularly join us from those same guilds.
The 6 (2 from my guild) of us have discussed forming a union, hehehehe)

I like point systems and if I was in charge of a guild, we would use one.
However, there is something nice about just doing "whats best for the guild"

Elfson Allegro 55 (WOOHOO!!!) <The Circle of Eternity> Veeshan