interesting read. http://theboxingempire.blogspot.com/2011/03/battle-of-belts-which-sanctioning-body.html
an old article but similar idea http://queensberry-rules.com/2010-articles/september/ranking-the-rankings-in-boxing.html
It really doesn't matter though, they're still all as bad as each other. One of them has to have the most 'real' champions and in this case it just happens to be the WBO. They're still as bad as any others, take our upcoming Super Featherweight 'World' Championship fight between a guy not proven to be the best in Britain against a journeyman African who's lost plenty of fights over there. At least the WBO isn't as bad as the WBC and WBA have recently been I guess with regards to just making up new weight classes and titles for different fighters.
They're all ****, if teh major promoters and TV networks agreed to ignore them then they would become irrelevant.