I don't know if MGS4 would have even gotten 5th this year, but the year it came it the competition wasn't exactly strong.
1. Metal Gear Solid 4: Guns of the Patriots (Playstation 3)
2. LittleBigPlanet (Playstation 3)
3. Fallout 3 (PC, Playstation 3, Xbox 360)
4. Left 4 Dead (PC, Xbox 360)
5. Gears of War 2 (Xbox 360)
6. Grand Theft Auto IV (PC, Playstation 3, Xbox 360)
7. Dead Space (PC, Playstation 3, Xbox 360)
8. Fable II (Xbox 360)
9. Super Smash Bros. Brawl (Wii)
10. Braid (Xbox 360)
The worst thing people usually complain about in MGS4 is the story being silly, but all the other games on that list were either pretty generic shooters, by the number sequels, or had some giant problems to go with the good gameplay like the GTA4 friend junk, LBP's floatty platforming controls, or the completely terribly buggy fallout 3. MGS was the only reasonable choice of those top 10 outside of braid, but I don't think people like thinking of cheap downloadable titles as GotY worthy even today.
Anyhow I think that 2008 list should really allow us to step back and look at how great 2011 truly was. It will probably be a few years until we reach this level greatness again.