As far as I can see, it places the issue on the community's doorstep, takes the burden of combing through the archives off max's shoulders, and promotes quality site-making.
The community as a whole can vote on the site with a "Yae" or "Nay" option. The site will remain the on "HoF Hopeful(s)" section for a period of 2-3 days. If it has a certain ratio of positive to negative votes by that time period, it will either be voted into the HoF or cast aside. When this site has finished being voted on, the next site(s) in the list will move up to take its place, and the 2-3 day period will start again.
How about every site a user makes that rates 3.5+ or 4.0+ is worth 1 or 2 HoF voting "points" respectively. A user may then spend these points towards a site of their choice. Any site requires a set amount of points spent toward it, something like 20 to 50, to be moved to the front page under a section named "Hall of Fame (or HoF) Hopefuls", where it can be voted by the community as to whether or not it's worthy of HoF status.
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