Matt's take on a ratings panel is essentially a group of rich guys with G4s at their disposal, who apparently no longer have to work, and can drop anything to go and play "the right" courses. Oh, and they apparently "understand" great golf, or at least Matt's definition of it. And they will be willing to fly their jets to play anything that a golf magazine wants them to see. Sounds like a great gig, and apparently Matt knows exactly the right group of rich guys for the task.
For my part, I agree with Churchill -- to paraphrase -- the democratic process is flawed, but it is still better than the other systems. Matt's elite group may come up with a different conclusion than the current GD panel, but then again, maybe not.
Seems to me that adding more panelists should negate the impact of a handful of individuals. Apparently many on this list disagree with the masses (of 0 to 5 handicaps) that make up the GD list. That anyone is surprised that GCA types disagree with the GD list is what amazes me.