The M... actually stands for both, my old home town Monterey (1994-2005) and my new (since 2005) home town Manteca. Both towns do that kind of thing every years and since these are the only two US-american towns I have lived in, my sample is a little small.
However, I don't believe that these are the only two towns in America, doing this survey. Here is what the first 100 google hits, searching for "voted best of" brought:
San Francisco, CA - Glendale, CA - Rockford, IL, Columbus, OH - Baltimore, MD - Long Island, NY - Boise, ID - Pleasanton, CA - Boston, MA
Seems to me like there is enough, but I'd like to hear from more members first.