I think when people say they dislike the "Top" lists, what they're really saying is "I'm already fairly well known and could easily get editorial featuring if we moved to an editorial-only model." This type of system would actually be much worse for indie developers, I think, as they would have to have a connection somewhere to have any hope of getting featured (much like you need to know someone to get onto Steam).…
No, I'm pretty sure that when people say they dislike the "Top" lists, what they're really saying is pretty much what Marco wrote here. Editors' picks are always a wild card because you don't know on what basis the picks are happening. But your assertion that they're always about the "connections" you have strikes me as, well, very anecdotal. I have some experience on both the submitting and receiving side of magazin…
Even an editor ranking is ephemeral. Say you're right and the cream rises to the top--how long would a feature last? A week? Two weeks? Maybe a couple hundred thousand free downloads?
I don't know what the organic/non ratio is at most companies relying on paid installs, but my gut would say it's somewhere on the order of 1:1 or better. If you remove the organic installs, CPIs would essentially double overnight and most of these businesses would no longer be able to sustain themselves.