I like the raid difficulty, and time sink involved, and the rewards.
My only issue is that the difficulty between phases is too unequal. Phase 2 < Phase 3/4 <<<<< Phase 1. It encourages sandbagging in phase 1, a phenomenon I'm sorry to say has already reared its head in my guild. It's also present in our tank raid. I'd like it if they could nerf DN and boost Sion so that those phases are more on par with phase 3 and 4.
I don't expect to get that wish, but I do believe phases should be balanced out properly.