My first reaction is hell no, I wouldn't want that kind of attention put on myself and one of my sites, particularly to have competitors crawling all over my site.
On the other hand it's a good opportunity to pick up a first class accolade for your link building efforts. Being selected by Google as an Official Google Website Case Study is more or less equal to a Google Seal of Good Housekeeping, instant validation. It's practically a license to make link money.
What are the pros and cons of becoming an AdSense Case Study?