Overall I think it's (the one just announced) an impressive, modern, and diverse list. There's still some works that's a holdover from the old guard (quite frankly fiction that I'm not too fond of), but for the most part, I really like this year's ballot.
For novels, Mechanique: A Tale of the Circus Tresaulti by Genevieve Valentine was my favorite novel of 2011. I don't think many people heard of it because it was from a small press but Valentine's technique and compression is impressive.
For short story, I think everyone should read Ken Liu's "The Paper Menagerie" as it moved me to tears.
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