I am not for removing this as a contest, while it could work as a standalone, no contest type of event, the chance to win stuff, or a mappers medal, makes it more fun, adds that extra layer and allows people to go "I did better than X, Y, Z person." It's where the newer mappers can topple veteran mapers (this isn't why you want to remove it as a contest YM, is it?

). It gives people dragging rights to say "I made the best map in 72hrs against SIXTY SEVEN PEOPLE" and thats a GOOD feeling.
Removing the contest from the 72hr contest would just kill a layer of motivation for the contest and just make it... meh.
I'm not super for straight up telling newer mappers that have made stereotypical new maps that 'these are just bad and can't be judged' ... if this is to happen, then it needs to have a "And here's why" attached to it. These are also learning events, and we cannot remove that from the learning part of the contest. How are we going to judge whats stereotypically new? There's sure signs, yes, but what about the ones on the edge? What would the category be? There has been, in the past, maps that are made by newer mappers that hit some of the 'stereotypical' new maps bulletpoints... but are fun and do well in voting. We don't want to remove one of those maps just because a couple judges say so, every map needs their chance in the lime-light, even if it's just to go "this is broken."
We don't need to remove maps completely, we need to better improve the voting system so that it doesn't take forever to do. Maybe, just maybe, that involves image-based voting, maybe it doesn't.
Ravage suggested a server plugin, I'm for trying that out. If we can get support from other communities to help advertise, draw people in to play, that would make things so much better and would help weed out the maps people want to really vote for.
As for updating the maps after the contest, I'm impartial. I want people to keep updating their maps post contest, but I also understand that it can cause issues and bias out the votes. Is this good? Is this bad? Some people can make maps really good in a short amount of time and people could see "Oh my, this is the map made in 72hrs? Wow!" when it's really not. It's a weird thing. Maybe the rule is that there a specific 72hr naming format (like we've had) and that your updated maps name must be something different. The goal is to make sure there isn't much of an overlap or potential bias formed. We may need to try it and see what happens.
The contest is becoming a bigger and bigger event every year and we need to take steps to making sure it stays up to date with the size and popularity. It might not hurt us, once we get a solid voting system, to send out a newsdrop to some big gaming news sites and even Valve themselves.
tl;dr: I wrote that all, you read it.