Hey! sound good.
It will be a good kick start

So that means the template stuffs are pretty much settle.
well.. now I can do some messy things with my template

without
having to concern much about any heavy changes in the next release, can't I

.....
umm.. I disagree with some people here.
The competition commonly is for anyone who are ready to enter
and/or want to enter.
If you think you're not ready or do not want to compete on this one
I believe in the future SMF team may have something else that might fit yours.
And I believe most of the people who work on open source or free software,
we work for
pride not for prize (still good to get one,tho

).
If everything is for price, what do you think? how you can get SMF for free
The donation, it almost follow its literal definition.
It's a way people can show their appreciation, and
the developers will be proud that their creation is appreciated.
.....
A little suggestion
Could you be a little more specific about the rules.
for example
Is it allow or not to use some graphics from SMF package such as those little icons?
(the button set should not count, since creator should create one for your own theme)
And it would be nice to give extra points for the theme that is a valid XHTML,
cross browser support, and/or something that will encourage the creator to
take the care to create an interoperable Web page.