Webometrics analyzes about 15,000 universities around the world and ranks 5,000 on their ‘web performance’ based on the institutions’ proclivity for a significant web presence. The criteria was determined by a weighted combination of visibility (external inlinks), size (web pages), rich files, and Google Scholar availability [via].
Their aim is to promote web publication and not rank institutions thus supporting open access initiatives and electronic access to scientific publications for research. Such a ‘web presence’ might have a correlation with academic quality and prestige as is evident through the ranking of top 4000 institutions (I’m glad to see Texas A&M ranked 16).
On a related note, there is a call for JSTOR to release academic research material into public domain as the content was created by academics funded by not-for-profit institutions. JSTOR in fact also is a self-sustaining not-for-profit institution.