Oh yeah, fun fly events are great for both flyers and those watching. We've done the timed flights.. timed from the moment the plane rolls to the time it stops rolling on landing. We usually go for two minutes, but it can be done different ways.. varied times with a pick of a numbered card out of a hat.
Another is most loops in 20 seconds and another one is as you described.
We even had a taxi contest... put cones on the ground and we have to maneuver them like a skier would do in a slalom race.
Another is a precision landing.. or carrier landing where a length of runway is marked out and the pilot has to land within the marked area.
And, as already said... it's all about having fun.. but you also learn because it all requires some practice.. ha.. oops.. that's the "P" word, isn't it.. [X(]
CGr