It’s an interesting concept. I have to wonder about copyright infringement and how long it will be before Fox puts the DMCA smack down on.
Basic concept is you take a bunch of blogs that sign up for the contest, and see which one becomes the blogging idol by increasing their feed reader count the most. So far, they’ve got about $1500 in prizes and only 50 blogs that are competing. A 1/50th chance to pull in $1500? Pretty good deal if you ask me.
In keeping with the “amateur” bit that their namesake uses, all entrants must have a beginning feedcount of less than 1000. It seems like a pretty well thought out contest (aside from the name), so go check it out.