The winner or winners are going to get an Unreal 3 License for free and the chance to develop a game built around it with some help from Epic Games. Other prizes include PC's and Cash.

 Mark Rein, Epic's VP: "Unreal Engine 3 is used by many of the industry’s leading game companies, so this is truly a chance to prove your worth and get your foot in the door of the game business while having your work potentially exposed to millions. To get mod-makers started, the collector’s edition of Unreal Tournament 3 includes over 20 hours of 3D Buzz’s professional-level video training materials for the Unreal Engine 3 toolset."