Yep there is no real effective challenge in episode 2 past maybe level 26 (which is when you can easily start pwning the final episode 2 forum).

Realistically if you want there to be GFoC or Faux News style challenges for episode 2 players, ET needs to create a handful of forums that are in the lvl 38-40 range. That way even max out level 35 players are still having to cope with the damage reduction penalty.

Give the forum some sort of high end attack that does around 200-300 damage a hit, so that people have to pop 5-htp like crazy and people will still do the forum just to say they have. You could give peens for beating them but I think making some sort of ultra-rare .moar files that only load on those forums might be nice as well. That way people have to pwn those forums daily in order to get the moar fragments.

That would serve as a   sink so that long-time player have something to do.