i am the person of the year

time_billboard.jpg
Time magazine is allowing anyone to submit photos of people they want to be “Person of the Year” to be projected on a billboard in Times Square. However, the website states that what they really want is to have people submit photos of themselves. All the photos that are selected to be projected will be photographed by webcam and their owners will be contacted. The images can be viewed, printed and sent to friends.
If the chance of seeing your image on a giant billboard in Times Square in real time is small, what is the difference between having Time photoshop your face onto its cover and doing it yourself? Is it the idea of projecting your image onto a billboard (which can be simulated as well)?
Is this Time magazine diminishing their role as information filter or it is an established news outlet recognizing the idea that anyone can be a publisher?