Every single raid I am in or lead has master looter, and we exploit the hell out of it.
This week, I lead a 25 man Naxx for my Death Knight alt and got Heritage from Faerlina. Later on, Kel'thuzad dropped Boundless Ambition and the other two tanks, both Druid alts and friends of mine, were happy for me to take it. I in turn sent a concise ticket with all relevant info and went to bed. I woke up and after a 10 second conversation with a GM, the Heritage was transfered to one of the Druids.
Two weeks ago I did the same thing with CUM after I got Deaths Bite.