The old LFG channel was nice. A zone specific way to fine people to do quests in that zone. The major cities were used to find the raids and dungeons groups.
The new world LFG channel sucks ass. I always have/had it muted.
BC changes all that. Its a menu system. You select the kind of groups you're looking for: dungeon, raid, quest, zone, BG. Selecting dungeon will then bring up a list of level appropriate dungeons. Quest will let you select any quest in your log book. Once its all sorted out, you get to see everyone looking for the same thing as you. Message them and team up. woo! No more "LFG" requests in general chat and stuff.