OMG,
Yuletide has An Ember in the Ashes on the docket this year. I'm tempted to sign up. But seriously, I don't need a new project when I have NaNo planned, CoL cross-posting underway, two books sitting unread on my shelves, and a random crossover/AU series that spun out of nowhere but keeps crawling into my mind, and a piling up of fic on my to-read list.
Not to that little thing called a PhD ...
There's probably some argument to be made about, hey, if you always say there's no time, there never will be time--it's what I always said about NaNo. But with Yuletide, I would need to seriously reread whatever fandom I end up getting a request from to get familiar with it again, and so it will take a lot longer than something I've done adequate preparation for. Yeah, I'm probably going to just wait and see what comes from it and have a load of new fic to add to that growing to-read list. (That's what Christmas break is for, right?)