Yeah, I think going for a best of 3 was the correct decision. The Giant Bomb vs. GameFAQs one I organized took approximately 3-4 hours, to give a certain timeframe of the tournament's duration.
Heh, on which side?
Also, as the OP explains, the origin of this tournament pretty much starts at a Giant Bomb vs. GameFAQs tournament that was held last weekend. Practically full archive of it here.
A few things: I've never used the PSN chat before so I'm not really sure how that works and is there anyone we're supposed to add to our friends list or something before this starts?