Yeah, if the award was intended to identify which pitcher had a more valuable, or meaningful, performance during the season. It is intended to identify the best pitcher. Does that mean I think the voters will get it right? No, but if I'm following the intent, that's not all that really matters.
Like others have said here, the winner, assuming things play out over the last month and a half like they have over the first 4.5, "should" be Felix Hernandez. However, it won't be.