While Paul explains that special issues like this are as much about selling newstand copies than actually crowning the true Person of the Year, and I'm sure some people will be buying the copy to find out what exactly they did to win the award, Time's rationale is this,
The most distinct development in world culture in 2006 was the rise in popularity of websites like Myspace, Youtube, and Wikipedia which are all supported by common users like you and I. Through this "we" are shaping the Information Age more than ever before. Few world leaders did anything in 2006 that they hadn't done in 2005 and while some at CNN or Time would like to think otherwise, simply regaining control of Congress through separate local elections isn't worthy of the honor.
I graciously accept my award and am considering putting the distinction on my resume. Tell me I'm the only one who hasn't thought of THAT.

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