having done my fair share of raids, I can say that most of the time was spent talking, waiting on raid member who's wife needed him for "Just a second" or the "Smoke break" crowd. And the "Dude? You there? Did he drop?"
And honestly, It's more about the fun of it than actual gear. Hanging out with friends(or new friends for the time being). I used to while away the time by interjecting random bad jokes.
"A priest, a Rabbi, a blond and a duck all walk into a bar. The bartender looks at them and says, 'What is this some kind of joke?'"
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." Thomas Jefferson