For a view of how this looks to a very adventurous and accomplished reviewer (look him up if you don't know), see Jonathan Gold's take here: http://www.laweekly.com/restaurants/michelin-tires-2151006

Teaser:

"Michelin is usually one of the guidebooks I take with me when I visit France, although I tend not to use it much. In Paris, Patricia Wells and the Pudlo guide are better at pointing me to the kind of restaurants I like best; in the rest of the country, I prefer Gault Millau. Outside France, Michelin is all but useless — in most of Italy, you could probably find better restaurants by sticking a pin into a map than you could by following the guide, and while Gordon Ramsay’s supremely boring London flagship gets three stars, Fergus Henderson’s splendid St. John, a restaurant that visiting chefs head off to the second they land at Heathrow, has none."