It's an awesome idea, and I think it will yield some interesting results. Right now, though, as it just launched, the rankings are somewhat ridiculous. For example, Willie Mays ranks as the 14th best position player in history. Behind Nap Lajoie, Mike Schmidt, and Rickey Henderson, among others.
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Seriously? It's not even close.
The way they accomplish these rankings -- they do one-on-one comparisons, and you vote on which player is better. Go vote, help improve the rankings, and contribute to this awesome project. Check it out here.
I plan on evaluating where respective Giants players rank some time in the far future, so you can look forward to that. If I remember...