Just heard about this today and while it is a little late in the game, it is still interesting. Did not read about it anywhere else.
The idea is quite simple. you submit a project you really want to shoot, post it and have people vote for it. There is no portfolio review, at least not yet, to see if you are capable of shooting it. the 20 top ones, that is the ones with the most votes are then reviewed by a panel of judges and the winner gets $50,000 and a cool Levono Photo laptop . Voting ends April 3 so hurry up.