This new CloudApp() contest looks extremely cool: the objective is to create a cloud application running on Windows Azure. There are categories for both .NET and PHP applications. The contest will be judged by Michael Cote, Om Malik, and you - the developer community will vote on a winner too.
The full details are at http://www.newcloudapp.com/.
The prizes are literally fame and fortune.
The fame:
The fortune:
Submission are due by June 18. Good luck!
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Divyang: this blog post is two years old (published on June 5, 2009). Unfortunately, this contest ended a long time ago. I'm sorry!