Did LFR last night, here's the lowdown.
Queued with the guild group and we got in after about 10 minutes - I got stuck on the loading screen and then disconnected. My vent never dropped so it was a woW-specific thing.
When I got back on a minute later I had been auto-kicked from the raid.
Queued again on my lonesome and again got in after 10/15 minutes, this time into a LFR group that was on the final boss. Killed it pretty easy, but decided to queue a third time so I could see the first 2 bosses.
Again it was about a 10 minute queue. First boss was long but straightforward. Second boss we wiped once beacuse players like to stand in stupid places, but got him down on our second try. I stayed for the 3rd boss in order to get my Valor points.
Here's stuff you need to know:
you get 90 VP's the first time you complete LFR per week.
you get 45 VP's for every subsequent run that week.
you only get chance for loot from each boss once a week
using elder charms of good fortune might only give you gold - i used 3 charms, and killed 3 bosses so had 6 chances of loot but only got 6 chunks of gold.
Once we start clearing 10-man bosses I recommend saving your elder charms for that or for the world bosses. Unless you are overwhlemed with charms - you can only have 10 max from what I understand.
Everyone should try and do LFR before our raid on monday. Even though it's much much easier than 10-man you'll see the basic mechanics of each fight. Is much easier to understand than if you've only read tactics or ability lists online.
Assuming you dont wipe. it should only take an hour or so to clear.
Hope this helps!