imo loot council system is essentially the best, if you have competent and neutral officers. In this way, people get what they deserve- and will stay motivated in terms of both preparations and performance. 
  
The most important and best attending people in the guild will be geared, instead of saving DKP for the rare loots.. thereby also making it very competitive- in my opinion, making it better than DKP. No hoarding. 
  
EPGP is too complex, and while it wipes out PR hoarding with decay, it also favors new members a bit too much. In my opinion, you should always favor the core members who are more likely to stick around on the long term. (If you want to be competitive). 
  
It all boils down to the leaders though, just like any political system in existence. While no system is objectively the best, I think loot council is the least bad system... just like a democracy is the least bad system (but nowhere near perfect).