Jongleur:
There are many ways to look at things. You might say there's competition and there's COMPETITION!
The very process of selecting a comp, choosing dances and levels at which to compete then preparing for the event has a way of focusing everything. Simply dancing in a comp is an experience I would recommend for almost every serious dancer. At most comps you can dance pro-am or am-am in North American division and do it just for fun.
Then there is International Standard and Latin competition. Selecting an amateur partner, committing to support each other, spending the time to develop your technique to the highest level you are able may be something quite different. You are constrained to a strict syllabus and dance selection at each level. Repeatedly exposing yourselves to judges scrutiny, each time trying to improve upon your previous ranking, often against the same couples with the same goals can be difficult. Some thrive on this diet, others wither.
Whatever you choose to do you selected the right words: "maintain our excitement." To the extent that competition does this, great! Have fun!