LiveCoda, Real-Time Coding Competition
Robert Shelton points out this "debrief" from ESCI LiveCoda 2006, a live programming competition. From the article: "On Wednesday the 24th of May at Loop Bar in Melbourne (Australia) fourteen teams of programmers gathered for the first ESCI LiveCoda real-time programming competition. Possibly the first performance based real-time programming competition. Before a packed night club with live music, each team had just ten minutes to write a program which could correct a corrupted image." (Here's a mirror of the LiveCoda site).
Competitions already are judged on 'fewest bugs'. Indeed, some competitions disqualify any entry that has any bugs found in testing. But all the other criteria you suggest are subjective. I think speed is a pretty good judge of programmer ability; someone who can hack up a correct program in 10 minutes stands a good chance of writing a correct, clear and maintainable program in an hour.
-- Ed Avis ed@membled.com