Dean Radin explains some of the reasons why Randi's challenge just doesn't matter:
After studying these phenomena as a scientist for about 30 years, I've concluded that some psychic abilities are genuine, and as such, there are important aspects of the prevailing scientific worldview that are seriously incomplete. I've also learned that many people who claim to have unfailingly reliable psychic abilities are often delusional or mentally ill, and that there will always be reprehensible con artists who claim to be psychic and charge huge sums for their "services." These two classes of so-called psychics are the targets of celebrated prizes offered by magicians for demonstrations of psychic abilities. Those prizes are safe because the claimed abilities of these people either do not exist at all, or they're much weaker than sincere claimants may wish to believe. There is of course a huge anecdotal literature about psychic abilities, but the evidence that convinced me is the accumulated laboratory performance by people who do not claim to possess special abilities, collected under controlled conditions and published in peer-reviewed scientific journals.
http://www.deanradin.com/NewWeb/bio.html