Personal sentiment has to come into it...
As someone already mentioned cinema takings are really only a question of how good the marketing of a movie is. The perfect example of this is Shawshank Redemption, a movie that lists in almost everyone i knows top 10. However, it was a major flop in the cinemas and even didnt get a cinema release in some places, would that mean its a bad film? Of course not.
Also taking your suggestion of using cinema revenue over production cost as a measure of the greatness of a film - then The Blair Witch Project would be the greatest film of all time. Which i dont think any of us think would be true. (i hope not anyway!)
Everyone will have a different idea about what is a good movie and what isnt. I personally cant stand chick flicks, but that doesnt mean theyre necessarily bad movies. Just that i dont want to watch them. If theyre well shot, then theyre probably still good films, just not something i would watch. The Razzies try and find those films which quite frankly ARE bad, and which the Razzie folk believe no one could possibly like (at least without large quantities of hallucinogenic substances).
Good luck to em, i say! :)