This is absolute PERFECTION! I'll admit although it's up on my top 5 list, it's not my fav fav. The reason for that is personal taste and nothing else.
Let's say this, my opinion is that this manga exceeded the limits of it's settings with execution. Alot of times mangas have interesting settings, but the mangaka failed to pull that potential out. Bakuman I feel is the complete opposite.
This is my opinion only, but I feel like these types of manga that gives a light atmosphere, is limited in potential. They simply don't leave strong enough impression on you. For example, mangas like God's Child, NANA, and even Death Note, they leave a much stronger impression on you than mangas in the school life genre. Those that focus on the extremes of human emotion, I feel they have more potential to make it right there at the top of my list at least.
However, in Bakuman's case, if not for the limits of the topic and my taste, the execution of the story can only be said to be the best of best. Therefor, it's the most perfect manga I've read probably. It crossed the borders of limits with skill and not potential.
... Now, biased time over lol. This manga always catches me by surprise, totally unpredictable and never lets you down. You think one way and it'll turn out not the other way but one you never dreamed of. Keeps you on your toes reading. This is probably a huge reason to the below mentioned too, having to be able to just drop all the thinking and predictions and follow the plot. With that said, this is definitely a very standard shounen manga, with the fact that it's under slice of life and doesn't focus on physical fighting. I find this a very refreshing change. There's nothing wrong with stereotypes, they just have a whole bunch of replicas. I'm sure there was a day when we all enjoyed the very basic and run-of-the-mill mangas. The problem with that though, every manga is pretty much the same once you swap out the character names. However, in Bakuman and other rare cases, they give you the very basic and standard shounen, in a new way. I do love shounen, but it's hard to find one that doesn't bore you out.
Another thing, as someone who came from watching animes first, I do enjoy very much how well Bakuman leads our emotions. I cooled down a lil after dropping season 2 and picking up the manga, but it's definitely one of the best in that area. Yea... basically means I'm a huge fan of Ashirogi Muto. There's many who says the main characters are on the weak side, but I have to say I argue against that. Sure, they do have a bit of a more realistic and um... less aggressive? personality. I gotta say, that's a huge reason to my love for them. (Not that I don't love the others as well.) I feel they fit Bakuman perfectly, and a large part to keeping the manga original in a way.
Again... there's probably people with different thoughts, but for me, these types of manga just aren't taste. But I still love it enough for it to be in my top 5. It's my opinion, nothing more nothing less.
(One thing to mention to all those Bakuman haters out there, yes, you rare few. Stop judging a manga for what it's not. You don't like shounen? How did you get here then = =.)