It's not a bad list, frankly. It's just different. I'm actually thankful for the fact that Call of Duty or GT5 etc, are not on there.
They probably have a certain criteria for "top 5". Most unique perhaps, appealing to a certain demographic also, mayhap so. I give them credit for making an "off the beaten path" list. Otherwise, it would have looked like a corporate hand-out form.
Though I do have to say Angry Birds as a choice is a little bizarre, but hey, what I've heard about it is that it's fun and accessible, so be it. This list is for Time readers primarily, so put that into perspective. Then maybe you'll all figure out why Alan Wake is #1 here, and why the super-nationalist uber-patriotic violence-fest that is Call of Duty is not on there. Though, they did put Halo: Reach on there, which is surprising. Though again, it's probably due to the "accessible and popular long-standing franchise" theme. Halo isn't as bloody or violent as Call of Duty either, and the Halo franchise is known to splash humor into the mix, where COD does not.