Here is the first site of this kind: https://web.archive.org/web/20110305143421/http://www.hacker...

There is Section 5 that is mentioning the flaws:

- A mention isn't a recommendation.

- Counts track popularity, not quality

- They inherit HN's taste.

- Picks go stale.

- The sites don't last

- Matching misfires. Unlinked names are ambiguous.