they are focused on the illustration as fine art
they are not bound by geographical constraints (like the Caldecott) so the lists are usually quite international.
And this year is no exception!
The official list is available here: http://investors.nytco.com/press/press-releases/press-release-details/2013/The-New-York-Times-Book-Review-Announces--Annual-List-of-the-10-Best-Illustrated-Childrens-Books/default.aspx
So far I've had a chance to see Tomi Ungerer's Fog Island, with beautiful, moody illustrations of its' Irish coastal setting. Jemmy Button, with words by Alix Barzelay and illustrations by Jennifer Uman and Valerio Vidali (an Italian illustrator), is a fascinating piece of history illustrated by two artists who discovered one anothers' work on the internet, communicated via a translator, and met to work together on this book in New York City. Locomotive, Fog Island, and Jemmy Button are over-sized books, and in each case, size is used purposefully, intentionally, with powerful results. I'm looking forward to finding the others on this list!