Yeah, it's a pretty cool thing. I don't know whether or not I'll *really* do anything with it, as my plans for this novel may well exceed their word count and time limit (in fact, I really hope they do), but I figure it's a chance to try something fun, I'm planning on focusing on the novel for the next while anyway, and I might meet a few cool people along the way. Couldn't hurt to try!
EDIT - Actually, I should post about this here since it's relevant -- I made a breakthrough today. I actually finished a 100% complete plot outline for Black. Well, almost 100%. The only thing I've yet to perfect is the denouement, but I'm not going to stress over that as I know what I generally want and I'm sure it'll happen naturally once I get to writing it. Especially if I continue to stick to a first-person narrative, which is still my plan at this point (despite the limitations of that perspective -- so that may change, we'll see).
I'm pretty excited. I think that the story is at least halfway decent, the characters are pretty great, and the story makes use of a lot of really little bits of my universe in its later stages, showing people just enough of a glimpse of what the world is like and allowing me to go back and show them more later and also how it *got* that way. I'm looking forward to seeing what happens with it. Can't wait to get started. Everybody please keep your fingers crossed for me!