I printed out TIME Magazine's Top 100 books of the 20th century (from 1923-2000), just to compare with the Modern Library's list, and of the last 11 books I have read, only four are on the TIME list...Midnight's Children, Wide Sargasso Sea, The Sheltering Sky, and Under the Net. You'll have to excuse my complete stupefaction as to how a book like Under the Net made it and Sophie's Choice DIDN'T make it. Glad I'm not reading THAT list!!!
At least they excluded The Magus. :)
We'll check in more with TIME's list later as we roll further through the ML list; in the meantime, I've added the link to the "100 Books Extras" on the sidebar.