Just off the top of my head..

If you go for a scoring system I think the following:

Production Quality - 0..10 pts - this would be how well the track is mixed down in it's final state (eq, compression, etc..) not how good the track is.

Instrument Quality - 0..5 pts - Are the instrument sounds used of a good quality? Do they sound cheezy?

Composition - 0..10 pts - This is your overall judgement of how good the song is. Is it catchy? Does it have a decent intro? This should score high if you feel the song has potential even with poor instruments or production quality.

Whoa Factor - 0..5 pts - is there something that makes you go whoa that XXX is Hot!

This will take a judge with some skill to do because you have to listen to for each factor on it's own. For example you will have to be able to separate good composition from bad production etc..

The points given and criteria for each could be hammered out in more detail.

Getting a predetermined set of judges would not be a bad thing, but judges MUST vote on ALL entries except their own.

The scores would be totaled on all criteria and averaged over the number of judges submitting scores and the one with the most points wins.

In the case of a tie, each judge ranks the tied songs in order of preference (including his own). This is done until there are no more ties. in the case of a deadlock, infra or mano has the deciding vote.

I'm sure there is room for improvement and it may seem complex, but I think with this system we could realistically have a full compo in a week or two. This might be a headache for infra because he would have to keep track of everyone's scores. Which is why I think a panel of 3 or 5 judges would be nice instead of we all doing it.