Unless there is some other initiative in the works that will require substantial community donations and is more worthwhile, why not? It seems people still find it appealing enough a cause to donate to, and while i46 didn't cause huge growth it definitely gave the vast majority of donors their moneys worth in entertainment (assuming they were american hehe sorry chaps..). As a player it definitely made the game more fun to play, but the main reason for that was because of the drive to regain some pride the next time we played the yanks - particularly in epsilon's case. I really doubt half those players would even still be here if it weren't for that desire.
Also I don't really get what good donating it to a prize pool would do. Look at the dreamhack venture - raising 10k for a prizepool was the least of anyone's concerns, and unless you raise it for such an event then it won't do anything more than another international i-series - probably less, and most definitely less spectator value.