It continues to amaze me that people still haven't heard of EPGP. DKP encourages hoarding points based off a desire to get the best items and be able to cherry pick which items you want. EPGP encourages players to take loot, even marginal upgrades, over it being sharded. You're right that it's wholly transparent, and because of the way the decay system works it effectively provides for a level playing field that's almost entirely based on how much someone contributes and how long it's been since they've taken loot. EPGP isn't a perfect system, but it's less bad than pretty much every other system I've seen.