RIFT's endgame features both 10- and 20-man raid types. Trion calls the 10-man exterior raids "on-demand rifting," and in a nutshell, the encounters function similarly to the game's public quest system. The main raid group initially opens the rift and deals with the resulting enemies. Random players can also join, and the more who do, the harder the content becomes. What about loot? Only members of the rift-opening group are eligible; late-comers will receive tokens and cash. The 20-man raid experienced by G4 was an interior instance named Greenscale's Blight, which featured a more traditional setup in that there was a lockout timer and no provisions for public participation.
RIFT will feature five unique raid types at launch, with more unlockable instances scheduled for post-release. These raids will open up via world events, and they're not progression-based, "meaning you don't have to do the 10-man exterior rift raids in order to try out the 20-man ones."
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[Thanks to Puremallace for the tip!]