Here is my take:
1. What are your 2 choices for the prize (exclude 1st prize, as this will be the dream prize for everyone!)?
Newton/Veritas Prep GMAT courses.
2. How winning that prize will help you or your preparation for GMAT?
The first and the second prize for me makes virtually no difference to my preparation

. My only goal right now is to hit or surpass the 750 score.
3. Which part of the promotion attracted you the most (apart from the 1st prize!)?
Honesty, the first prize looks to me as more of a holiday package. Seriously this is little extravagant -
Quote:
first class lie flat seat/bed, premium service, luxury hotel (bubble bath)
.
Helping people in their preparation by urging them to post quality items and them rewarding them based on the quality and effort -- this is real market dynamics .....
4. Anything else you would have loved to see on this competition?
More people hitting the kudos button for my posts

.
5. How we can improve the future competition?
Maybe have members work towards creating new resources similar to the Flashcards. Can't think of anything else for now... but be sure that I will let you know, in case something strikes me.