The only thing that I think really matters is time since the raid became available to access. So for example, if a US guild gets world first on a boss, then EU guild gets world second 2 hours later - imo the true victory is for the EU guild, since they killed it quicker.
That being said though, there is an innate respect in all of us I think when we look at a guild who progress extremely well in a tier and yet raids just a fraction of the time the hardcore guilds do, it's just a natural thing to admire people who do extraordinary things in your favourite game/sport whatever.
Other than those two points, I do agree with OP about it being a race and whatever you do is up to you. That's part of what makes the race interesting, no boundaries.