Hey there, I am the founder of the D7 Tournament module. The module is currently in use by about 150 sites and has had very positive feedback. However, it was hard to cater for everyones requirements so I decided to rebuild everything into something more accessible.
BracketCloud is a flexible hosted tournament system. I've released a Drupal module that interacts directly through the BracketCloud API to display tournaments on your sites. I plan to add more and would love to hear feedback on the features you'd like to see.