It's all fake and decisions are already made. That's my opinion but hey, who am I to judge.
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Veteran here. I can confirm that TDPs are utterly meaningless. The "confidential" super secret talent rankings are completed before the reviews are returned and the ranking drives your bonus or redundancy. There's no framework for rankings, it's just if people like you. Enables all kinds of discrimination. Sorry. In so many ways.
360s r BS
There is a good employee dthread on this, it pretty much confirms your position @OP:
https://redkiosk.com/t/how-much-does-your-360-matter-compared-with-talent-ranking/g01mrd