If you're familiar with Victorian writing styles, including "Purple Prose," then Bulwer-Lytton is merely an example of the era in much the same way as Shakespeare is an example of his era of Modern English.

Charles Shculz, the creator of the Peanuts comic, regularly poked fun at Bulwer-Lytton's "It was a dark and stormy night..." until it became a running joke. Since Peanuts was published for nearly 50 years, the joke was well known.

The Bulwer-Lytton writing contest started quite a long time ago (80's) at San Jose State University, but I remember it was originally called a "Bad Writing Contest." Some support for my failing meatware memory can be found here:

http://www.bulwer-lytton.com/about.html

The only fashion that never goes out of style is poking fun at past fashions.