Well, thank you everyone for voicing your opinions. I appreciate it.
Personally, I am of the same opinion as Dan (a.k.a ldcdc). HostingDiscussion is a professional community. We are neither a non for profit organization nor a certification institute to qualify any hosting company or put our stamp of approval on it. We are meant to provide the platform for communication and for the public to discuss, improve and challenge companies. We want our members and guests to make up their own minds and come to their own conclusions with the information available.
For us to start endorsing companies, irrelevant of the fact that we find a way to verify them, would be the end of retaining the neutrality we enjoy. We will lose the informational value as a resource and gain a sentiment of being a "top 10"-like website.
Apart from it all, I've spent years thinking about what makes a perfect review system. Unfortunately, I came to a realization that no such way exist. Too many variables in play. Some of you mentioned a few already. So no matter how many resources we allocate or how many people we assign to a review team, the end result, apart from being subjective, will also never guarantee reliability or good experience with a hosting provider. Which sort of defeats the purpose.