I've decided to try my hand at a competition I found online as well. It's called dominance war, and it's held by a bunch of CG related forums. Basically they give you a theme, and a tech specification (maximum number of polygons, texture sizes in pixels, that kind of thing), and you build the most bad-ass model you can. At the end they judge it, and the winner gets a pretty awesome prize. There's a 2D and a 3D category, i'm entering into both.
http://www.dominancewar.com
http://forums.cgsociety.org/showthread.php?f=234&t=597404
http://forums.cgsociety.org/showthread.php?f=234&t=597405
I haven't put as much effort into the 2D design yet, I don't think it will take as long as the 3D. I've got several other projects going alongside these, so i don't know how long it will be between updates on them...