What's fair? It's a snapshot of how you feel when the list is made, just like any other award/plaudit. Hopefully you've got perspective, but chances are your opinions will still shift as the years march on.
Case in point: Rapture getting best album honors on Pitchfork last year. Tell me at least a few people in Chicago weren't wringing their hands over giving that honor to such a craptacular pile of shite. Seriously, I can think of 10 local bands who came out with superior releases, but waves of hype landed the New Yawkers on list after list.
What was the question, again?
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