Loot Award Systems

I would just like to get some input on different ways to award loot in raids, such as EPGP, loot council, and such... The guild I an in now runs with EPGP, which seems pretty good. Seems like a fair way to award those who show up on time and raid often while still allowing new raiders to get gear. The addons do seem to get buggy and not work sometimes. I've also raided with the classic loot master /roll system. I'm not a huge fan of that as their is no reward system for being on time or putting extra time in and raiding more often and it adds a bug break after bosses to get gear out.

Im hoping to branch out and start a new raiding guild and would just like to get some pros and cons of different systems and how they work  eg. Through addons or manual tracking or anything else.

Thanks

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