Matt Cutts should also probably recuse himself from this issue. He is an investor in a YC round and multiple YC companies. That's an obvious conflict of interest, whether or not it affects the outcome.
http://searchengineland.com/google-chrome-page-will-have-pag...
There's still a conflict of interest, and it is possible he is giving his interests more leniency.
It ain't broke, don't fix it.
I'm torn on whether or not there should be a more formal process or they should just keep it completely locked up.