I think it was Mary who derided these kinds of competitions during a lecture a little while back.
This one is a competition open to anyone to design a new t-shirt design for Coca-Cola. I believe the criticism was that these kinds of contests result in only a one-time payment to the artist, and basically coax a whole bunch of hours out of starving designers to compete with one another for a very hard-to-achieve goal.
Nonetheless, when I saw this, I have to admit that my head started swirling with t-shirt designs. There’s something exciting about having your design appear on a Cola t-shirt. Even if you are whoring yourself out for it.