The CE raid (and future raids, supposedly) keep track of how long it's been since you got a "fun drop" (Bungie's words). If you've only gotten shards/energy for too long (not defined), it gives you a higher chance of getting a non-material drop.
This was severely misconstrued by a lot of people (even in these OTs) to mean "it keeps track of every item to make sure you get all the raid items" and were annoyed they got the legs 3 weeks in a row instead of getting the chest. It's still trotted out on occasion in this context; all I can assume is willful ignorance, because it was never misrepresented by Bungie and has been explained in this thread relatively frequently. Pet peeve of mine.
The "smart loot" system definitely works. This can most clearly be observed by the total lack of a "#forever31" meme.
Some people that play a lot DO still need raid items (some folks seem cursed to never get HoC or BH, and a some people have a hard time getting the one bit of armor they need; e.g. they keep getting boots when they need the chest), but I've never seen anyone argue that they aren't getting more raid item drops than they got in VoG. They may just not be the drops you'd prefer. That's just not what the system is designed to do.
For once it's really working as intended, and is a clear improvement over VoG's stinginess.