I've been following this and have found it to be surprisingly entertaining.
http://goodcomics.comicbookresources.com/category/dcmarvel-comic-character-tournament/
It started with 64 heroes from DC & Marvel, and now it's down to the final few. While many of my faves got eliminated earlier, I can't say I'm truly disappointed with the results thus far (yes it's a popularity contest, these always are ;) ). Biggest upset so far was Region 1, Round 2, you'll know it when you see it, though I think Region 4 Round 4 was a surprise too.
Just thought I'd share.
EDIT: Down to the final four: Batman vs Flash, Captain America vs Spiderman