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I mean what criteria is being used?
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There is a criteria. I just don't remember what it was. I'm sure wikipedia can explain.
I find the list useful to see what is currently popular and I sometimes select a book or author to read from the listing. Sci-fi and fantasy rarely make the list because they are primarily a niche market (I know...hard to believe). Whether you use the lists or not is really a matter of personal reading and is just one way to select new authors to read.