What I like about this contest is, simultaneous submissions are accepted. That's pretty rare. The reading fee is a little steep, $20 per submission plus an extra $3 printing fee if you submit online. (I found that a little odd since many sites now encourage you to submit online.) However, that covers a one-year subscription which would normally be $24 so you really can't lose––money-wise that is.
While a contest win can be a big boon to your future publishing prospects, normally they do not accept simultaneous submissions and so tie up your work for a very long time with minimal prospects for publication. However, I plan to submit to this one regularly.
BTW, they've added for the second year, an audio and video prize as well.