Before I begin to answer this question, I would like to let you know that I in fact own several topsites lists. Not that my explanation would be unbiased or favor topsites lists, but I just wanted full disclosure. With that said, it is my opinion that topsites lists are a handy tool to use if you are looking to increase your SERPs. You of course have to use other methods for building backlinks, but they are just one more tool to use.
Things to look for in a topsites list
You should always look for topsites lists that are in your niche. Submitting to a general topsites list will not help you much because top sites lists usually require two way (reciprocal) links. If you find a topsites list in your niche, make sure and check for unrelated/bad links before submitting to it. A well run topsite will only link to sites within their niche. Another thing to look for is a good design to the topsite. If it looks like the owner of the topsite takes a little pride in their topsite list, then it will be more likely to pay you good dividends in the future.
How do I find a topsites list in my niche?
The best way to find one is to use a search engine and search for “niche rank” or “niche top sites” where niche is your website niche. Another easy way to find a topsites list is to look at some of your competitor’s sites and look for small buttons saying things like “Vote for this site” or “Ranked #3 on sometopsites.com”
As I mentioned I operate a few topsites - Here are some you can add your niche site to:

