I heard about the contest late (last Tuesday; it ends 11/15), and I've been taking care of the wife after a fall resulting in injury, so who knows whether I'll be able to pull off a story I think is good enough to submit. But as the Lottery motto tells us: You can't win if you don't play. Payout aside, this contest also serves another purpose for me. I don't tend to suffer from writer's block. But I sometimes get burnt out on a subject. And when that happens, it's good to step away and focus on something else for a while, then come back with a fresh perspective. Not saying that's happened with my current WIP (work in progress, for the uninitiated) - I've recently come up with a few things I think are going to make the story much stronger, and I'm excited to get those things done. But I don't mind the break.
Also, if you're between stories, and you're looking for something new to write, it's not a bad idea to look for contests such as this, or even just search magazine websites for open calls. They are often looking for specific types of stories, which may challenge you in a way you hadn't considered before. Never written a steampunk vampire western before, and magazine ABC wants you to send in your best? Well, think about taking on the challenge. Even if you don't like the result, or if the magazine doesn't, you will have broadened your horizon a bit, and possibly planted the seed of a future story somewhere in your subconscious.
Well, that's all I've got time for today. The 15th is fast approaching, and I've got write a freaking masterpiece of a story before then. Wish me luck!