Writer Beware : Contests and Awards

"There are hundreds of literary contests and awards, online and off. Most are real; some are even prestigious. But many are either fake or pointless. And few are important enough to provide a meaningful addition to your writing resume. ..."

http://www.sfwa.org/for-authors/writer-beware/contests/

"Contests can be fun and challenging. If you win, the prizes are a great bonus. Just be sure to thoroughly research any contest you’re thinking of entering, and always read the fine print."