Just adding my comments on the matter...
In other games I have been in, loot has always been touchy. The thing is, weather your a good role player or not, if you keep getting the short end of the stick over and over and over, it begins to get to you out of game, and out of game can push to in game very quickly and suddenly.
Now, I don't want loot splitting to always be there, BUT if we do a big mod, then yes, we should definitely split the loot up as fairly as possible. This means that people are buying out potions, scrolls, and such for fair prices (stop under cutting guys, I for one noticed this and it is rather insulting) and if there's not enough coinage to go around, then make piles of whats worth what and go from there.
Also, and this is more important then anything, only have one person counting things out (in front of everyone) and everyone else just stays calm and waits quietly. It can be very very flustering to have just two people trying to talk to you, let alone ten. Ideally the person counting should have merchant by the way just so things can be double checked.
I think that's all.