This is my understanding of the system.
You have two options "Recruit" and "Search".
One thing to make very clear "Search" does NOT equal LFG. Instead "Search" is there for you to search for parties (in some cases only a single party leader). That's why in the drop down menu the only classes available for you to select are the ones you have available to use(the ones that you posses the weapon for). If there is a party(or single leader) that matches your "search" criteria you will have the option to join their party.
"Recruit", on the other hand, is there for someone willing to start a party. You have the option of selecting the classes you seek and their rank range amongst other options. Once posted, A player who searches, and whose "search" criteria matches your "recruit" criteria, will be able to see your posting and be able to join your party.
All in all this means you have to be pro-active when looking for a party. You either have to start one yourself or look for a party that's already recruiting. There is no flagging LFG and waiting for an invite anymore.
I hope this is clear and I haven't made many mistakes, since I usually use the "recruit" option far more often because there isn't many people recruiting when I search.
Thanks for the clarification, I was freaked out trying to "look for members" on the search option and discovering that I could search only for people with the same job as me (or so I believed), but now I understand how the system works.
It sounds good, the downside is that now the leader can't select people based on his search comment, on the bright side people can now select what type of leader they want for their parties.