well, yes and no. I've had a similar idea since week 2 when Slick put up the Hall of Fame.
I figured in May 06, after a whole year has passed... we could have a semi-finals and finals;
Vote for the best out of each month (1 out of 4) and then with 12 remaining, have a Photo of the Year poll.
edit: Well, I don't know how to handle all the stuff in between, but I still think we should have a Best of the Year when the time comes.