I would like to start this post by saying that I believe that the members of this site are exactly the right people offer a "ranking" of golf courses that should prove very interesting to see the results at the end of the day.
I'd go for the regional ranking method. It is difficult to find enough people to fairly submit a list ranking courses in all regions of the world at one time. Comparing Royal Melbourne to Bethpage Black is not something that very many of us can do. But, you should be able to do a half way decent job with courses within your region. You should also feel free to rank courses from other areas if you are able to do so. Having 5 or 10 people try to do a ranking in my opinion ends up giving you slanted results. Personally, the more lists the compiler is able to look at the better chance they have of achieving a fair list.
I think it would be great to have a representative from each region nominated to recieve ballots via email and compile them into a list of the best using similar criteria for each area. Once completed they could come up with the Top 100 in the US, 50 in Great Britain, 50 Europe, 50 Australia, 25 Canada, South America, Asia, Africa etc. as nominated by members of GCA.com
I think either the group here at GCA.com either creates their own ranking or they continue to not believe in rankings, but stop criticizing Golf Digest and the other publications when they do it.
By the way, this is not a rant just my two cents.