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Would you be more inclined to participate in raid content if the content was more community based than personal equipment based?
A community based example would be doing a raid to collect a giant jewel that could be used by guild crafters to build a teleporter in the guild hall. the best equipment for players would come from crafters/dungeons and not raids. Raid mobs could drop equivilent items but not better items than would be attainable elsewhere for personal characters.
A personal based example would be what we have now where you do the raid and get personal items for a select few on the raid. The best equipment would come from raids and some equipment would require crafting to complete the item gained on the raid. Generally crafting and dungeons would offer infenior items.