The Summon Monster lists are based upon CR, to an extent. There are some significant aberations, but in general, CR is used.
This is, IMH(but always correct)O, a mistake. The key to Summon Monster should be ECL, not CR or HD. In fact, ECL should be used to control all spells, feats, etc ... that provide allies or alternate forms.
CR is a measure of what a foe can do to oppose you.
HD is a measure of heath and skill in battle, but is subject to so many modifiers and separate scales of power that comparing hit dice really reveals little information.
ECL is a measure of how useful you are amongst your allies.
ECL is what we should be looking at when we consider the 'value' of a summon spell or a polymorph form because we are getting something trhat will be used to aid the party (what ECL measures) as opposed to something that opposes the party (what CR measures).
In my experience, the best summon monster tables are reworked to use ECL. Of course, using this type of system requires the creation of level adjustments and ECLs for all creatures that you might summon. If used for Polymorph, it requires you to created modified ECLs (MECLs) to provide an ECL for the creature without supernatural or spell-like abilities. I also use SMECLs (Supernatural Modified ECLs) to determine what is an appropriate form for Shapechange effects by including the supernatural abilities of a form in the ECL calculations.
I also revised the LA/ECL system to include minimum ECLs for certain abilities ... if a monster can cast dominate monster, it will never have an ECL lower than 17, regardless of how many hit dice it possesses. When we evaluate the strength of allies, we need to consider their strengths far more than we consider their weaknesses. Weaknesses can be overcome far too easily.
For summoning, appropriate creatures (based upon type, etc ... ) are selected from the following criteria:
SM/SNA I: Creatures with ECL of 0 or less.
SM/SNA II: Creatures with ECL 1 or less.
SM/SNA III - IX: Creatures with ECL equal to the (SM/SNA X 2) - 4 (ie; 3 at III, 5 at IV, 7 at V, etc ...)
This system provides an ally that is useful to the PC, but is significantly weaker than the PC or his allies.