The theory of drops has always intrigued me - it would be better if ANet would simply tell us =P
A few other things I would like to note:
Concerning chests, I think the person that opens it have a higher chance of getting an item from the chest. That, or the theory of proximity comes into play here. For me, it always seems that the person that opens the chest gets at least one item - but I am always open to the theory of complete randomness, since its hard to rule that out.
An example is the first quest in FoW, the clearing of the tower by beating that Shadow Beast. After killing it, a chest appears, usually with purple armor of some type.
The other strange thing about drops, is that there is a certain theme that may exist. On some runs, you might get a string of bows, or you will get a ton of blue items that have similar mods or wands that have similar elemental properties. Again, I won't rule out the existence of 'coincidence'.
This 'theory' is more prevalent on runs of FoW. Two of the main item drops there: the Chaos axe and Shadow Shields. On one run, I may get 5-6 Chaos axes! Same with shields. And my party member will get none. On other runs, I may not even get one Chaos Axe/SSheilds, when a party member gets a string of them.
Then comes the factor of enemies stop dropping loot, which Anet seemingly introduced a few updates ago (June 15th I believe).
Although they say this only happen when you "rejoin the current map". It would be terrible to find out that the 'game' sees you as doing FoW ventures over and over, and therefore stops you from getting more Chaos Axes and other special items.