Update:
The Nationals committee is leaning towards Banning Algol. I don't entirely agree with it. But I do agree it will silence the whiners and we lose next to nothing for doing it (he will be unbanned in the future). If some player mains Algol for some reason, take this as your chance to switch mains. We will continue trying to educate people on his flaws, and hopefully get it overturned before 09.
People who are staunch defenders of keeping him, just let it lie for awhile. He's totally new, hard for a lot of people to get used to and it will just cause more complaints than it is worth. Keep playing him casually, and spread the knowledge about his weaknesses, because that is the only way to stop the future people from saying he's broke all over again in 09.
When they say, "he's too new & gimmicky I shouldn't have to learn to deal with that crazy/unenjoyable crap! Glad he is banned!".
Reply: "So say you didn't know Mitsurugi, and he kicked the crap out of you (unenjoyably), should we ban him too?"
The logic is ridiculous, but it's the reality we live in. Deal with it.
This is just for Regionals/Nationals, not any tournies run by anyone else so far.