Interesting. I was hoping discussion would happen, and it has. Personally, I tend to agree that Wheel of Time doesn't really belong. Part of me feels that it almost isn't fair to the other authors. This category didn't take long for me, as I already owned and had read recently 4 out of 5
Only one I had to get and read was Neptune's Brood, as I wasn't not a big fan of the first one of that series. Anyway, my ranking
1. Ancillary Justice
2. Parasite
3. Warbound
4. Neptune's Brood
5. or No Award Wheel of Time (Haven't decided yet)
Parasite and Warbound were very close, could have gone either way, but ultimately I felt that too much of Larry Correia's personal politics were slipping into his entry.
On a side note, if my reading is correct, Ancillary Justice has already won the Clarke and Nebulla awards. So if it wins the Hugo it'll be the first novel to win all three.