As past Graphic manager, I have tackled the same subject previously, but decided to keep the graphic competition duration for two weeks. I have my own reasons, and I will explain them all in enough detail.
1. Lack of time.
I've found difficulty in deciding whether to or not to open votes for two or three days, as both do not give enough time for everyone to have voted. Some of us actually have schools, exams, and real-life situations that may prevent us from participating, and a few of us may not have access to the computer at times unless during weekends. The two-week duration for signing up and voting helps avoids this problem. Although keeping GFX competitions to one week helps boost activity, the forum's activity rate in the GFX department is not that high for this forum especially. Even if you believe that three days of voting is suitable, four days to sign up isn't.
2. Ability to guess start times and deadlines.
Unless you are willing to not follow the weekly system, keeping the competition to one or two weeks facilitates it for users to know when the competition starts and ends. If the competition is to start on Friday this week, and Saturday the next, it would most definitely confuse users.
3. Saves better ideas for later.
Repeated themes are generally unwelcome in the GFX section. The less competitions we make, the more fresh ideas that are still available.
4. GFX is not slavory.
The short time makes the GFX competition more of a primary objective than a side activity for members who are part of the GFX team. Not everyone has the time to work all the time on GFX.
5. The one-week duration means that members will have to put school work aside.
If the competition starts on Friday, and the duration for signing up is five days, then voting would start on Wednesday. This is not healthy at all for members who have grueling schoolwork, or are taking difficult and demanding exams at that time.
6. Will have an effect on achievements.
I read that winning five GFX competitions grants you an achievement, and to do so, the minimum time to attain the achievement is two and a half months. If the weekly system is implemented, it would take only five weeks. This would encourage members to take up GFX as a means of acquiring achievements, and not as a fun activity, thus, the competition loses its sole purpose.