I honestly like the idea, even if the character I create isn't played by me after the elections are done.
For one, it provides a unique way for players to interact with the site, and gives a chance for us to effect site-history (if only via some flavor) regardless of whether we play a character or not (just by voting).
It also presents our Commodore with a unique challenge of trying to represent the character in a way that reflects the original intentions of the author. Yeah, it'll be interpreted a bit differently, but knowing in advance that this is the intention, it doesn't bother me one bit. I see it like writing for other mediums like stage, tv, or movies, where the characters would be interpreted through an actor anyway.
As well, it affords our characters the chance to talk about the elections in-game, which can only serve to add to the depth of our characters, and even some development.
Lastly, it is fun, pure and simple, and I don't think it needs to be more than that. Getting to debate as a Presidential candidate for the Federation? Hell yes! Getting to ask questions and grill potential candidates? Mwuahahahah! I think of it as an opportunity to get to play a character I might not otherwise get to role-play, and if I'm lucky, I get to see the name pop-up from time-to-time (if the Admins did chose a bio I submitted lol). Otherwise, it'd be awesome to maybe roleplay a member of the Federation Presidential Press Corps, or just as my PRC getting to ask some tough questions.
Site-wide subplots (like the Pioneer Christmas Party) are good for the site too, bringing people together from the ships to interact - making us a stronger, more cohesive community.