I'd love to see another GUI Olympics, but purely as an onlooker since I gave up making my 'lame' WindowBlinds skins...
The problem with the original contest came down to the rules not being set in stone from the start, and being completely open to interpretation. Some of the people who caused a fuss, myself included, were doing so in an effort to get an unambiguous set of rules drawn up before it was too late. There were also major flaws in the judging system which caused many unexpected problems. The participation of the public, potential bias of the judges, and open advertising of which sites the skins were affiliated with were some of the most heated debating points.
Obviously there wouldn't be much point in trying to hide the author of a skin, but openly admitting which site they were representing caused huge problems when combined with the public vote.
The problems encountered weren't so huge that they couldn't be easily eliminated in another contest, and I think everyone accepted that the first Olympics were to be a learning experience for all. The main hurdles to get over now would be financial backing and organisation of the event. I'd certainly be willing to help with the latter.