I agree with you. Holmes-Norton was a classic. A fitting epilogue to the seventies golden age of heavyweights. I sometimes disagreed with The Ring's Fighter of the Year award too. As much as I loved/love Muhammad Ali,I don't think he merited the honour for 1978. Having said that,I'd have given it to him for 1970. After a three and a half year lay off,he came back to beat Jerry Quarry and Oscar Bonavena before that year's end.
I don't think the award is necessarily "Best" fight of the year, but "Fight of the Year." Heck, there are probably some 4-rounders that were better scraps than many of the high-profile fights listed, or suggested on this forum. It seems that the criteria is not what some would want it to be, but that doesn't mean Ring chose the wrong fight. Significance is obviously part of the equation.