The Pullitzer prize, Academy Award and Best Seller list do a fine job of comparing what is produced to what is the BEST ever done. As a journalist who likes to watch major motion pictures and read good books, I think that is very nice to be guided toward content that is compared to all others and found WORTHY of praise.
As a member of the blog-o-sphere who watches independent films and reads work self published or distributed by tiny press operations, I think that it is also very nice to guide myself toward content that may be WORTHY of attention.
I hope nobody invents a prize for that.