Angela Hoy andWriter's Weekly, billed as the highest-circulation freelance writing ezine in the world is hosting their 24-Hour Short Story Contest. I like this contest because they try to keep it honest by requiring writers to enter first. Then they announce the topic, and entrants have 24 hours to write a short story.
24-Hour Short Story Contest
Entry fee: $5.00
Start time: January 24th, 2009 at 12:00 p.m. (noon) central time.
Limit: 500 entrants
Prizes: 1st is $300.00, more than 85 prizes in all.
Guidelines: When you register, you get to download a PDF containing them.
Sometimes it's good to test your abilities.