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As the P4P debate rages on, FightMatrix.com has a scientific method for compiling P4P rankings based on a point system - similar to BCS rankings. Fght Matrix.com describes its division dominance list:

The division dominance list debuted on 3/16/08, and is comparable to a pound-for-pound list, but does not factor in the theoretical or “proven” ability to transcend weight divisions while remaining successful. This list ranks fighters based on their point level superiority over those in the division in which they are currently ranked.

This is done by averaging the point level which encompasses the typical transition between the elites and top contenders of the division, then compares this average to the fighter’s current point level. The higher a fighter’s division dominance points, the more “dominant” they are over their divisional peers.

 The division dominance list has GSP pretty much running away with the No. 1 spot, while Anderson Silva and Fedor Emelianenko are in the 2 and 3 spots, respectively.

Michael David Smith writes:

The second analysis comes from BloodyElbow.com's FightLines, which provide one big chart showing who's beaten who in the welterweight division.

It's really amazing to look at that chart and see how vast the welterweight division is, and how dominant St. Pierre is over it. It's especially amazing when you consider that St. Pierre absolutely dominated both Jon Fitch and Thiago Alves, who themselves have completely dominated the welterweight division when they're not fighting St. Pierre or each other.

Something else worth noting is that unlike most weight divisions in MMA, the UFC houses almost all of the top ranked WW's.

Mr. Smith goes on to say:

Anyway, consider this food for thought as we prepare to watch St. Pierre take on Hardy in two weeks. If St. Pierre wins, he'll have cleaned out the welterweight division to such an extent that there's not much left for him to do. Except maybe move to middleweight.

Like most fans, I'm ready to see GSP move up to the MW division, provided he beats Hardy. If he eventually wins the MW title, I think we will have found the greatest mixed martial artist ever.