It is a great track, and certainly worthy of a top ten place in that list, I'd say (as opposed to Dead or Alive's You Spin me Round, for example...).
It was an interesting choice as No. 1, and somewhat artificial and contrived, I felt.
First, just to rattle old-timers who were expecting a Beatles/Stones number, by divine right, and so get the outrage rolling.
Second, as a knowing sop to the Graun's Gen-X demographic.
But third, as I think they'd already trailed they would be interviewing the 'winner'. So they needed someone who was alive, and would give good copy. Cue ex-music journo Neil Tennant, keeping the whole thing in the Fleet Street (as was) club.
A great musical and societal expression of its time. The vinyl counterpart to My Beautiful Launderette on celluloid, perhaps.