Well I can volunteer to summarize my LS ParvaStella.
I think we have a very fair system and my members are very happy with it. We use something called a bid-lot point system. You gain points for attending events, defeating HNMs, camping HNMs and camping everything almost, and even helping your fellow LS mates with anything from farming Hakutaku eyes to helping them obtain a Reverend Mail.
Bid-lot allows senior members to be on the same level as new members. Every new member starts out with 10 points (which is enough to obtain an item from the get-go) so that we can encourage them that we're not here to strip them of good work.
We are new. We're pretty green considering the endgame field but our successes have been pretty clear. We currently have three Kirin Osodes, a Noble's Tunic, Genie Weskit (; ; but Yoda wouldn't let us have it), and two pairs of Crimson Legs. This was all obtained within a month's worth of existance.
It is LS policy to be courteous and respectful of other groups regardless of affliation with ourselves. I know myself to be very competitive and I leave no stipulations between competing groups or LSes. Our main policy is that if your LS wants the same thing our LS wants, then we compete. We are generally helpful people and quick learners. More than 80% of PS is new to endgame so our successes are a bit of a pleasant surprise!