Everyone who has interest in rankings needs to put their opinions to use by submitting votes at www.mmaranks.com
There is no ranking that everyone is going to agree on, so the best we can hope for is to accumulate the most opinions and create a concensous out of it.
No one is putting more polling and research into rankings than mmaranks.com, and you can impact the ranks by becoming a regular contributor.
Some good points were made above.
It's true that MMA reporters can have a bias based on their personal exposure and experience with certain fighters.
Fighters themselves may have biases based on training partners and the love/hate relationships they have with opponents.
Fans may actually have the least bias, (though they still have some), because they are removed from interaction with fighters on a personal level.
All these groups, however, have valuable opinions that are valued at mmaranks.com
Another good point was made that TV exposure has seen some overvaluing of certain fighters. I'm not sure it can be helped. Very few, if any have seen every substantial fight. If you haven't seen Tengiz Tedoradze, you balk at voting for him, if you haven't seen Villasenor, Kawajiri, Matsune, Black, etc, same thing.
That's why mmaranks.com factors in mathematical credentials. This allows good unseen fighters to get a boost, and poor high-exposure fighters to be toned down.
It's the marriage of two sides of the story. The number crunching lets factual info from fights around the world count equally. The voting helps correct the idea that win/loss data doesn't always tell the whole story.
Anyway, the call is out! People around the world, MAKE YOUR VOTE COUNT at www.mmaranks.com
The more people involved globally, the better the results.