World of Warcraft Official Strategy Guide Excerpt #3
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The Master Looter system allows the party leader to loot all of the monster bodies, then assign loot to the appropriate characters within the group. This takes more time for many parties because the looter has to manage quite a few more items and trades. Beyond that, Bind on Acquire items cannot be traded. This means that the looter has to "unlock" the body (by clicking on it then backing away), and that opens the body for looting by everyone in the group.
Round Robin is entirely fair in one sense, because it gives corpses to each person in turn, making sure that everyone gets their chance for some loot. Yet, chance has it that one character could get many good items on a given run while others receive very little. Also, Round Robin makes it likely that players receive items that their characters cannot use to their fullest ("My Mage got some new plate armor, woot."). Thus, players still end up trading a great deal and often implement Need Before Greed rules.