I too agree with David that code-golf questions should be off-topic. I personally do not find extremely terse code useful. The few gems that some of those answer might turn up might be better appreciated in a normal answer.
Also, given the voting nature of the SE platform, it is hard for someone who is a week late to the party and manages to shave off 3 characters from the best solution thus far to catch up in votes precisely because people have lost interest at that point. Also, if this becomes a recurring pattern (and it will, as it did on SO, which is why a new site was created specifically for that), it will only diminish the value of this site. It is easy to say that we won't let it become a pattern, but who's going to be the arbiter of how frequent is too frequent?
I admit that I do, however, learn a lot from the submissions to the annual Mathematica nifty function in 140 char or less competition. I really think that something like that would be great for our blog (once we're more established and have content to sustain a blog). We can probably run a monthly/quarterly competition in a similar vein and let the users vote on the best solution. This also automatically takes care of the "too many questions/too frequent" complaint.