Here are election results in a nutshell:

2006 - techgirl, Spiff, Jenbel, bhatnasx
2007 - gleff, Cholula, lucky9876coins, Punki, kokonutz
2008 - Spiff, bhatnasx, skywalkerLAX, nsx
2009 - gleff (replaced by UA_Flyer), lucky9876coins, Markie, B747-437B, Radioman (replaced by jackal)
2010 - Spiff, Cholula, SkiAdcock, bhatnasx
2011 - goalie, kokonutz, nsx, jackal, RichMSN

I couldn't find anything concrete as to who was elected in years prior to 2006 or if anyone prior to the 2009 election was replaced by another member, but perhaps someone else could shed some light on those.

So interestingly enough, all of this year's "winners" would have been eligible if the rule was "two terms on, one year off", and the only ones who would not have been eligible to run again would have been gleff and lucky9876coins if they were to attempt to run. I think the rest of the data speaks for itself.