Soooo after all the discussion yesterday, I downloaded the demo to "It's a Wipe" and started leading my guild through the raids. You only get three raids in the demo — a tutorial, an easy raid (defeated below), and a medium raid.
So far, the tactics have been pretty simple — tank the bad dudes, take out the healers first — but my guildies are gradually becoming less happy. Getting upgrades makes them less happy than the unhappiness caused by someone else getting an upgrade they could have used. So right now, I think eventually everyone will get unhappy enough to leave — with all the loot I've given them.
The UI is terrible. They need an actual designer to make it usable. As noted, Tank Switching is pretty broken. I have a lot more luck just putting one tank on DPS, then having them take over when the main tank dies.
Still, it's strangely fun.