Michelin has a lot of experience and emphasis on rating traditional Continental restaurants, particularly those in France. This sounds like an obvious statement, but people fail to keep this in mind when they are looking for something nontraditional or located in the New World. The accuracy and reliability of the Michelin Guide decreases the farther away you get from its core competency of French cuisine.
I am a fan of the guide, as it has never left me disappointed. But it's a guide, not an autopilot.