There was one in 2010 and in 2011.
It hasn't happened yet this year because it's a bit to early.
I don't know that it's something to promote. We might get a bunch of non thought through votes via new comers etc. I prefer to stick to the way we hold it. The people more interconnected with said hackers and have been here longer hive better votes (most of the time)
Like Vamayro said, hackers that have been around longer and know more people are more likely to win (not necessarily a bad thing), but it could turn into a popularity contest.
In all honesty, it depends on what criteria you're using to define "great hacks and hackers." In many cases, we already have stuff similar to brawl hacking awards; getting a hack on the front page, or getting a pin for 10000+ downloads or whatever.
It's not a bad idea, it's just that it needs to be distinguished from similar ideas.
Maybe I'm not understanding it correctly though. If you're just talking about having an official blog post (and not just a simple thread or pin) recognizing some of the best hacks of the past year, then I suppose that'd be fine.