While I agree, I don't think attempting to perfect a ranking algorithm is useful beyond a certain point. At least for the topics I checked, it's reasonably close; there were a lot I didn't agree with, but then if it yielded my exact personal ranking, a lot of others wouldn't agree with it. So it's a bit of a roll of the dice, which in a way is nice, since there's just no ideal algorithm to be found. Getting close, which in my opinion they have, is pretty great.
There are two rate by options "Top Movies" and "Strictly by rating".
"Top movies" take into account the number of votes and use the same algorithm as IMDB does for their top 250.
"Strictly by rating" does what it says. It sorts movies strictly by rating, and only includes movies that have at least ~8 reviews on RT, ~25000 on IMDB.
To be more clear, I suggest that Strictly by Rating require a minimum number of user reviews counted, and excludes movies with RT Audience reviews still in a "Want to See" status.
Only suggestion: Number of ratings/reviews should hold more weight in the sorting algorithm.
e.g. Hollywood Buddha (2003) shouldn't be the RT Audience Rating second highest ranked film all time.