Top 500 Rock Bands isn't 100% accurate as this includes solo artists, and though it does not include jazz or blues it does include soul, R&B, Americana, reggae, and classic country (yes, that is somewhat arbitrary, but for whatever reason i listen to blues and jazz differently than the rest, and would be too hard to compare Miles or Ornette or Hooker to, say, Aerosmith). Criteria for my greatest bands of all time list is a combination of recorded albums, live shows I've seen, live recordings I've heard, radio songs, and even overall image/album covers/general coolness or uniqueness. I guess that was a way of trying to explain that the ranking is just a gut feeling. But it's probably about 50% based on "live chops", hence the lower ranking of the Beatles, who quit playing live before the most creative parts of their career. I am very into live shows and live recordings.
Obviously, this list will change over time. I'm adding commentary to items whenever i get a spare minute or something interesting comes to mind about a band, probably 10-20 entries a month.