considering the other movies on the list, sure. Why not? It's easily one of the most influential horror films ever made, and a fine piece of art in its own right - the many clever practical effects and its slower, creeping, psychological style has allowed the film to age remarkably well. Besides the shining (and maybe a couple other personal favorites) i can't think of a better representative for the horror genre. I'd say it's at least as deserving a spot on the list as saving private ryan, fight club, and schindler's list which, in my opinion, are some of the most overrated films of all time. But, you know - opinions, assholes, etc. One person's trash is another's treasure.
Also, i think calling the list "prestigious" is a bit of an overstatement, dontcha think?