I got an email about this a while back. It's obviously of no use to me (unless you think there's a market for a book called "Bob the Living Triangle"), but the more artistically inclined ought to be intrigued. The basic deal is, draw a cover with your original character and submit it to the contest, and you just might make the cover of Comics Buyer's Guide, the longest-running publication about comics in the country (maybe the world, I dunno). Big fat details are here.
Have at it, geeks.