I've made 3 lists... so, I'm not sure which you mean. The very first list (top 10) was the lifetime average Elo. That is, the average over the Elo calculated after every match you played. As such, players that are consistently high Elo will be higher in that list, even if they've lost games more recently and thus have a "current" Elo that's lower. However, the average Elo calculation will also tend to discount players that have improved recently (because they won't have a long period of time at the higher Elo score to negate their earlier lower scores).
I can't really comment on the reasonableness of any of the lists, though, since I don't have a lot of history. The last list I generated (current Elo for players who've played w/in the last 6 months) seems reasonable based on current tournament performances that I've seen.