I'm not sure if you mean competition as in the people or the event, so I'll give my opinion on both!
If I'm honest, though, I've not really been paying much attention to the other people in the CK comp. I joined up because, firstly, these events are always really fun and, secondly, I figure it may be time to start helping out with the site after 7 years. Lose or win, I'm happy. My only opinion of my competitors is that there are some that I think would make excellent mods, and others that I think would make terrible mods. I'm completely unsurprised that people like Shorty, Sephex and Vivi are still in the runnings, and I've been especially impressed by millie. I think she's too new a newbie to take up a staff position right now - though that may just be my old man prejudices acting up - but I'm damned happy that we can still bring in members like that.
In terms of the competition itself, the rounds have been brilliant. Round one was a great idea, and has worked better than I would have imagined for ensuring continued participation in the lower forums. Most of the threads made were good quality; they were interesting, engaging and fun. It's died down a little now that the round is over and the threads have been made, but there's still activity across the board. It's great to see the blue chocobo everywhere!
Round two, similarly, was a stroke of genius. I had, in my opinion, the best team in terms of members, and it was great working with them, as it were. It's actually coming into contact with Bleys that got me playing FFVI and, by extension, FFII, IV, and V, so if nothing else this competition was worth it for that alone. I'm impressed and excited by all of the ideas that each team came up with and, once I'm settled in France and have a little stability and time, I fully intend to get involved with making them a reality if it hasn't already happened. The events of Teams 2 and 3 would need some time between them, as they are too similar and would likely cause event fatigue in the members. Yeah, event fatigue. I use terms like that, apparently.
This answer was probably longer and more serious
and therefore poncier than you expected, but hey, you asked! Plus, there's a lot to talk about. I'm looking forward to round three.