Steve,
I have always thought that would be the next logical step, averaging rankings like the College Football rankings are.
Reading the last few responses, I am not sure a stats guys would agree with the idea that they would rather see just one persons rankings. Generally, the larger sample size, the more valid the statistical result.
Thus, it follows that almost anyone who thinks they prefer to see just one person's rankings is really just trying to justify seeing a ranking that agrees with theirs. It would take just as much strength of character to objectively view another type of ranking as it would in any other system, so there is no advantage to either there.
My only points in my long posts above were to further flesh out the Golf Digest version to more detail, based on hundreds of better players views. Perhaps still not a valid sample size. For that matter, its an attempt to flesh out Tom Doak's definition of shot values, a shot/hole/course (he thinks whole course, actually) that "makes a golfer think first and then execute, if he or she wants to score well." He and other intuitive supporters think its better to leave it there and to someone's individual perceptions. It seems equally natural that a Brad Klein or Ron Whitten, in trying to give guidance to hundreds to carry out an assigned task, try to formalize the criteria much more.
In my case, I enjoy parsing those out in more detail on long flights, late night reading or discussion (including visiting this site). For me, once you state your goal, i.e., making golfers think, the next logical question is, "is there a good/better/best" way to do that in any given situation? Obviously, a thought could range from a Homer Simpson like "Oh, look, a puffy cloud" to an over analysis of sand depth differences in the left and right green side bunker, which none of us architects could even envision in most cases.
Over 18 holes, and 20,000 courses worldwide, there are many unique answers, so it pays not to drill down too far, for fear of standardization. But, there probably are some nearly universal principles that can probably be applied.
Besides, John Kirk's OP wasn't really about rankings anyway, just a definition of shot values, so why does this discussion always morph to a comparison of different rankings techniques?