I wouldn't hold the Hall Of Fame in any great regard myself- it accounts for music that is basically 'hip' and 'trendy' so bands that have contemporary relevance and influence, or have been namedropped over and over (New York Dolls, Velvet Underground, Clash, Ramones etc.). I think Black Sabbath were up for induction not so long ago, but prior to Ozzy's sudden (and imo, HIGHLY dubious...) renaissance into the public eye they were a bit of a joke for years, which shows up such 'halls of fame' for what they are. It's a doctrine that tells us what music is 'acceptable' and I'd avoid like the plague.
I don't think such attitudes can last too long now though- only an absolute fool would really deny that prog is having some kind of resurgence; the likes of Muse, Mars Volta, Coheed and Cambria and latterly Porcupine Tree have achieved such plaudits and sales that the genre can't be revisionised or airbrushed any more.