The list has been released but the thing is, since GFW Live games number in the 20s or so (or I'm just making that up), the bad games are in the list too.
1. GTA IV
2. Warhammer 40,000: Dawn of War II
3. Fallout 3
4. Shadowrun
5. Street Fighter IV
6. Halo 2 (PC)
7. Batman: Arkham Asylum
8. Resident Evil 5
9. Gears of War (Windows)
10. Red Faction Guerrilla
11. Battlestations: Pacific
12. Kane & Lynch: Dead Men
13. DiRT 2
14. Section 8
15. Quantum of Solace PC
16. FlatOut UC (PC)
17. Fuel
18. Viva Pinata
19. SWTCW: Republic Heroes
20. Juiced 2: HIN
Yes, really. Republic Heroes? Seriously?
Top 360 Live game is surprise surprise, Halo 3.

I kind of really want Quantum of Solace, I played the demo and enjoyed it a lot.

Wasn't Kane & Lynch the flop of the century?

Lets divorce scandal & marketing bullshit from reality, K&L was actually a pretty good game, it was a bit sloppy in places and had some bad design choices here and there but the underlying core was a a good story on top of a reasonable 3rd person shooter and had some interesting multiplayer modes
What shocks the fuck out of me is that shadowrun appears in the chart at all. Republic Heroes is understandable, it has the license and even though the game is an object lesson in mediocrity (though I said licensed game and it isn't arkham asylum so mediocrity basically goes without saying), it would have sold enough units on name alone to make the list but SHADOWRUN?

Your guess was reasonably close: there are currently 33 Live-enabled games. Another four are slated for release in 2010 (although as the year goes on this list will surely grow). Microsoft's Games on Demand catalog is entirely Live-enabled so I suspect there will be a growth in Live titles from 2010 onwards.

GFW Games on Demand consists of what, 10 games? Fallout 3, Shadowrun, that free game, and something else?
If Microsoft wants to be a Steam killer (and I highly doubt it will EVER be one) then they need more games. How hard is that?

Had a nightmare downloading Fallout 3 DLCs from GFWL.
Not only it cost more, it's so near impossible to tell whether the downloads has been completed or not.
I won't be getting any games from GFWL till they really smooth things out.

GFWL is a nightmare for me. Red Faction: Guerrilla's patching service is broken.
Batman, I think I posted recently about starting that, saying it refused to let me sign online and I had to use an offline account...well....more than 2 hours into the game it suddenly default signs into my regular LIVE account and I had to start over. I couldn't remember until I was already an hour into it how to change accounts so I just stuck with the online one.
It was pretty dumb of me to start this, knowing the next day I'd be installing Windows 7, but I just figured I could transfer the save games to the right folder and it'd work fine. But nah. Had to start over a third time. And strangely, the third time Steam started reading the time I put into it, tracking it like it hadn't before.
Weird.
Also, if you just read this barely-on-topic post, hope you had fun wasting time.
Poop @ GFWL.

Strange, I can't find servers for Shadowrun but it is on no 4, lol.

Top selling GFW games, right? If I recall correctly, Shadowrun (along with Viva Pinata) was on 50% off sale during the relaunch of GFW client, so maybe that's why it's pretty high up on the list...

Nope, most played games.
http://ve3d.ign.com/articles/news/52353/And-The-Most-Played-Games-For-Windows-Live-Title-Of-2009-Was

Steam launched with, what, Half-Life 2 and maybe a couple of other Valve games? Look where they are now. Give it time.

They are supporting only 26 countries since 2006, no improvement at all. They can't beat Steam or any other digital services. GFWL is just Microsoft's bullshit, they want to kill the PC gaming.

Kill PC gaming? Dream on. If you're going to look at it like it's some big conspiracy--which it isn't--PC gaming in fact helps Microsoft immensely: it keeps PC gamers on Windows and ensures the sale and advancement of DirectX-based GPUs that later find their way into the Xbox. Additionally, some percentage of GfWL users are enticed into using Xbox Live as well (which costs money, all of which goes straight into Microsoft's pockets).
The real problem is that Games for Windows Live and Xbox Live share the same infrastructure, so countries supported by the one have to be supported by the other. Microsoft doesn't want to market the 360 everywhere, which is understandable, but this affects GfWL and Games on Demand as well. This may well change in the future as Games on Demand matures, but for the moment this is the way it is.