Just came across this on Stu Maschwitz blog:
Call for Participation
OpenCut Project 1.0 "SUSANNAH" - Registrations accepted starting midnight May 18th, 2008
OpenCut is a completely open-source film competition designed to encourage people to take professionally shot material and edit it in their own way. As there is no "one way" to tell a story, so too can stories benefit from being re-edited and re-told from many different vantage points and perspectives.
The winner of OpenCut 1.0 will receive a brand new AJA IO HD from Silverado. They will also be recognized as the "editor-of-record" at IMDB and will have their cut submitted to multiple film festivals.
For $25 you get your hands on 160GB of Red One 4k 2:1 footage to make into a compelling short!