I haven't run LFR yet in Mists of Pandaria, so take what I say with a grain of salt.
I understand all the reasons why LFR exists, and why it is the way it is. I understand the reasons that Blizzard created it for, and barring minor fixes, I think it is the best it should be for their purposes. As independent, objective party, I think Blizzard's move is great.
However, as a raider, as a person who is able and willing to dedicate a lot of time, thought, and effort to obtaining raid gear, improving my performance, and facing (and defeating) challenges, LFR annoys me.
As was pointed out, you cannot simply "stay out of it" or ignore it. Not if you want to be competitive. Not if you want to maximise your gear, fight for a raid spot, or fight for a realm ranking for your guild. And Blizzard knows this all too well. They must know it, because they've used this argument in the past to (rightly) justify some of their actions. It's the reason why caps exist on anything, so that players won't feel forced to farm/grind for endless amounts of time and cause harm to themselves in the process. So they know that this constraint to "do everything you can" exists.
But what are the alternatives? To answer the OP, I wouldn't do LFR if it wasn't for the gear. But then, I have to admit to myself that I probably wouldn't do most things in this game if it wasn't for the rewards. We (raiders) tell ourselves that it's for the challenge, overcoming obstacles, working together, etc., but for a lot of us, I suspect it's the rewards, be they gear, achievements, titles, mounts, the respect of other players on the realm, etc.
So, if there were no rewards, I wouldn't run LFR. I also wouldn't run dungeons except once to see the content. I wouldn't run raids, either, most likely. I might do once or twice if they were as easy to get through as dungeons are, but I wouldn't clock in 200 wipes on Nefarian or Ragnaros (heroic) just to know that I've done it.
Anyway, you can just view LFR as something that "has to be done" a few times at the start of a raid tier. A few lockouts in, you should already either have all you need, or not need it any longer.