I'm pretty torn on the subject to be honest with you... I can post some replays I think you all would enjoy but most of it is from league events (IGTC, MoE, LOTA, LFSWS) so it may not have non-stop action but it's more meaningful than a pick-up race on CTRA.
I'm with squid on the fact that drift is very entertaining but it would not be my choice to edit... Number one it's by far the easiest to record and make look good and secondly it's not racing... LFS is a racing simulator!
Now Phase 2 of the project looks dialed in and I'm happy with it, 2 minutes is perfect. Phase 1 on the other hand does seem to be the problem child thus far... I personally believe that if you are going to have a editing competition, everyone should use the same mpr. I feel the fair way to do this is to vote on a list of replays and the winner will be used for the competition.
Lastly we could try and schedule a race in which we all join a server and do 1 lap sprints. We should all drive more aggressively than we normally would to make the racing as action packed as possible. If we had 10 drivers pushing to the limit, then I think this would be the best choice... I'd say if we chose the best 3 - 5 replays, that should be the perfect amount of footage. I'll go ahead and tell you that if we decide to let everyone use their own MPR, I will be doing something similar to this...