It has been announced that the loot lockout for Molten Core has been removed .. if you have the time and the patience, then you can run it as often as you like, and loot will have the chance to drop each time (I understand there is minimal loot here .. a helm, a mount (which drops for killing the final boss), a battle pet and an enchant .. the rest of it is simply gold). The mount is shown above and looks pretty amazing 
Wowinsider have given a few tips:
- There are 4 tanks in a 40-man LFR. Try to get your group to assign one tank as the main puller to avoid different tanks pulling different things.
- Take your time. You don't need to pull everything in line of sight at once.
- Allow your healers time to drink between large pulls if they need it. This was a persistent problem in my groups.
- Kill Firelords first as they spawn additional adds.
- The Core Hound packs between Lucifron and Magmadar need to die at the same time or else they will resurrect.
- There is a ridiculous amount of stuff to dispel/decurse in here (welcome to vanilla WoW!). It's helpful to group up for Mass Dispels.
- Wowhead has a guide up with details on all of the boss abilities.
- There are currently some technical issues related to Molten Core that Blizzard is working on.
Just remember that you've got a long time to get this stuff done. Things will get easier as people learn the fights and start to gear up. The raid itself is not difficult. Organizing 40 strangers is the hard part.
