I found this tip yesterday on a great blog called Confessions, and since I'm about to write a picture book this weekend (AND attend a writing conference, no less), I am so excited!
I can only liken it to the Amazon.com Breakthrough Novel contest, which will occur in the spring, only this time it's specifically for picture books. The contest is sponsored by MeeGenius, and it looks like a good chance to get some feedback on a picture book, and (for a few of the luckiest or most skilled) a chance to get the book published. No need for illustrations, though if you intend to illustrate the book yourself, they will give you that option when you make it to a later round.
Got a picture book itching at you? You have until November 1 to turn it in! (That means you can polish it all up, submit it, and STILL be ready for NaNoWriMo! Yippee!)
So excited! Must go write now!