I like the idea. This method has two obvious advantages over simply nominating your ten favourite games. For one, it gives a fair exposure to lesser known, but appreciated games. For two, it allows the people who played more games to make more educated votes (and yet equally valid as far as specific games are concerned).
However, the idea of ranking all games I've ever played scares me.
I might do that, but don't be mad if I end up copying and pasting my top ten and lumping the rest in just a few categories like "excellent", "good", ..., "awful".