It is a showcase of what you can do with a cheap, inexpensive, multifunctional or limited range video recording devices.
This is a video that explains the concept:
Before you consider entering the contents check out the videos from the prior years. The competition is strong and they ain't kidding about the creativity people are squeezing out of entry level and alternative use video devices.
There is an entry fee of .99 cents however should your film/video be the best of the best you could win a copy of Adobe Production Premium CS5 or other goodies. Check out the submission page for more information.