Really, I do. Lockout timers are often hated on by many MMO players. They often serve as a roadblock to pace a players progression. Whether that is good or not, I'll leave to the MMO philosophers. When it comes to WAR's city siege lockout timers, they are awesome.
A city siege has 3 lockout timers associated with it, one for each stage. If you win the stage, you get a lockout timer. This goes for whether you win a bag or not. If you happen to miss out on a bag, you do get bonus crests. Each lockout has its own timer ranging from 1 day to 5.
The reason I like this system is that I don't do city sieges that often. Just because they are happening doesn't mean you have to go. On average, I probably do 1 or 2 a week between all of my characters. When we win and it comes time to roll for a bag there are only a few eligible players. I walk out with a bag nearly every time.
I can understand why some players may not like the timers. But really, what's the rush? Don't do something you may not enjoy just for a chance at loot. That's the reason I don't run PvE much and I'm happier for it. If I was running the city every day, it would probably get old pretty quick.