Three points about TIME. First, let us mock the choice. On some level its a silly cop-out. The profiles are lots of fun, so pick one of them and anoint them at the "Person". Pick the YouTube founders, personify it some way. Really, TIME is just trying to kiss your butt (and mine).
Second, "power of the people" ignores the central lesson of our time: That it is defined by the personality and policy choices of George W Bush. Michael Kinsley first wrote about this, but Bush proves the "Great Man" theory of history. Not that he is "great" but in the sense that Bush really wanted to invade Iraq, that's what happened, and the Iraq catastrophe will define US foreign policy for generations. There is no other explanation for the course we are on.
Finally, despite their dumb choice, everyone is going to talk about it. So well done, TIME, well done.