I was actually discussing the return of this contest to someone the other day! I'd love to see this make a comeback with some improvements over the last time it was held. I think a contest like this could bring in a lot of entries as well, since almost anyone can enter without specific skills (compared to events like the preset contest or AMV contest, which were fun, but only people who were skilled in that specific area could really enter).
So, yeah, I definitely agree with seeing this contest return!