Should Blog Carnivals Accept All Entries?

This week’s Carnival of Marketing is up at Eric Mattson’s MarketingMonger. Eric decided to toss out the “7 best posts” restriction (which I use at the Carnival of Entrepreneurship). Eric says:

I believe that the restriction really holds back the growth and popularity of the carnival.

I see his point. If people’s posts aren’t posted, will they still continue to submit, host and read the carnival? And do the hosts and submitters make up the bulk of the readership?

My contention is that it’s ultimately all about the readers, and readers rely on blog carnivals to be a filter — it’s impractical for most people to try to keep up with 50+ blogs. So if you want a filter, just how much of a filter do you want?

Consider, for example, the Carnival of the Capitalists, which I recently hosted here on The Virtual Handshake and last month on About Entrepreneurs. Both times, it had over 60 posts. I suppose that’s still a filter vs. reading all of them, but how digestible is that? Is anyone other than the host really going to read all 60+ posts? Or is that not the point?

What do you think – should blog carnivals accept pretty much all entries, as long as they stick to the guidelines, or should they keep to a small, digestible size?