Here's a midseason article from one of the people who vote on the Cy Young:
http://sportsillustrated.cnn.com/2010/writers/jon_heyman/07/12/midseason.awards/index.html
I think he's a middle-of-the-pack voter: Throws out numbers like WHIP, but also thinks Price is the best pitcher because he's "giving Tampa the ace it needs."
Also thinks Wright should get the MVP because he had one more RBI than Pujols.
And this gem: "Josh Johnson, Marlins. With the best WHIP (0.96) and ERA (1.70), he's certainly made it a race. His 9-3 record isn't bad, but some folks (including myself) count the record, especially when another guy is a ridiculous 15-1."
IMO, it seems like voters have shifted their views where W-L isn't the only stat they look at, but they still give it way too much credit.