So I've started the bat shit crazy process of working through gearing all of my alts through various levels of LFR. I've currently got 8 toons working through various stages of LFR, with 2 toons already geared enough for the new raid coming out in 5.4 (warlock and priest), 2 toons working their way through Throne of Thunder (Mage and Druid), 2 more working through Heart of Fear and Terrace of Endless Spring (Hunter and Death Knight) and then the final two working through Mogushan Vaults (Paladin and Shaman).
My poor paladin just can't catch a break. He was one of the first 4 to get geared enough for LFR in general, but can't seem to get a drop in MSV to save his life. Poor guy is just stuck there.
My rogue and my warrior are both geared enough for heroics at least but I haven't really had the time to start gearing them up for LFR.
My monk just hit level 68 and is heading to Northrend. He's hoping just to hit level cap before the next expansion hits.
For most of these characters, I've been gearing them strictly through random drops. No running dailies for valor gear. A lot of them have finished the leveling process at Revered with Klaaxi so they've had access to at least belt and pants from there. Add that to the 522 neck from Shado Pan Assault, and it's a pretty good way to spend valor early on for some quick ilvl boosts.
Before 5.3 dropped, I was also going after rares on the Isle of Thunder trying to get keys for Elder Charms, but now the Isle of Thunder is a ghost town, so there's really not many options for that any more. The Isle is now a neglected hulk, hanging out with other neglected zones like the Molten Front, the Argent Tournament and the Isle of Quel'Danas. They get together for canasta every couple of weeks, talk about their gall bladder ailments and discuss old times.
So here is the current ilvl parade for my ultra casual group of LFR raiders and wannabes:
Warlock - 512
Priest - 500
Mage - 492
Druid - 482
Death Knight - 479
Hunter - 473
Paladin - 468
Shaman - 460
Rogue - 449
Warrior - 440