Good debates all, sorry I was at work behind a firewall to get any comments in.
Both sides are putting up good arguments, here's my 2 cents.
Points:
Pros: good idea. I like a concrete structured enviornment. 1 + 2 = 3. Period. No arguments. No fuss. You show up, you kick butt, you walk away champ.
Cons: easy to only win a few majors and still be champ as opposed to the others who show up to all and support the tournament world in spirit of having fun and keeping the tourny running from 1 to the next, someone could be having an "off" night (or on fire) that is normally really really good (or not so...) and climbs in ranks at a high pointed tourney and finishes above someone that normally beats the other person 97/100 times
Panel:
Pros: don't have to worry about someone that's hot or not for 1 night, able to judge things on a consistant pattern seen by the individual, can rank people by patterns of progression rather than lucky streaks or unlucky placement on the tourney bracket
Cons: people letting personal opinions/emotions reflect in the placement of an individual in ranks, not knowing a particular person due to never have met or seen someone play.
Both have their ups and downs. Personally I prefer the panelist side. The list of panelists I suggested I'm sure are responsible and mature enough to not let petty stuff get in the way, and are diverse enough to cover and make arguments for or against someone in their region that others might not be familiar with.
I'll draw up the thread after a little more has been talked about this.