I know that some sites, such as Super Users, have had contests around their 1 year anniversary. Perhaps if we start now, we could talk a few companies into pitching in some cool photography related things to do a similar competition for when we hit our one year mark, which so far as I can tell is in about 4 months. Anyone have any ins with camera manufactures? Think we could make this happen?
Two bits of advice based on the Super User contest:
Contests are a great idea but they're very labor intensive. If you can spread the "judging" across the community it will scale better. Also, keep it simple!
You also need to be careful that you're incentivizing the actual things you want your fellow community members to do. This is surprisingly easy to get wrong, so be careful.