WP-Premiums.com has 2 great premium Wordpress themes up for winning.
The first is Magazine News:

The second is called Purple Fever:

Both are two nice themes that continue to prove the Wordpress is becoming more of a full-featured CMS than a simple blogging platform. Both themes would normally run you $49 if you were to purchase them.
To enter, [...]

MeAndMyDrum is Holding a Birthday Contest in which you can win 1,000 Entrecard Points, and a review on the blog.
And for the friend of the winner, I’ll write a review of their blog on Darn Good Reviews, another blog I own. And if my subscriptions increase to 300, I’ll give their friend 200 Entrecard credits.
To [...]

d-atmosphere.com is holding a competition for a free premium wordpress theme called WP Remix. It’s a very nice looking theme, and looks full-featured.
To enter, just write about the competition in your blog and post your link back in the comments on the contest page.
The winner will be announced on March 1st.

Entrecard is a new service aimed at bloggers. It’s basically a free advertising service, and so far has worked rather well. Daxdesai.com is giving away a total of 175 Entrecard points over 3 prizes.
How to Enter:
1st Prize (100 points)
* 3 Entries - Write a post on your blog and link back [...]

134u.com, the folks currently running the $100 Birthday Contest, wrote up a good resource for those thinking about running a blog contest. They answer why you should run one, what types of prizes to offer, how to promote the contest, what your rules should be, and other information regarding contests. If you think your blog [...]

Crucial Hosting is holding an awesome contest with some very good prizes worth a total of over $6,000. This one is definitely worth entering. Here are the prizes:

Xbox 360 Elite + Assassin’s Creed (Worth $518)
Logo Design from David Airey (Worth $1000)
5 years of Crucial’s Split-Shared Hosting (Worth $600)
Custom WordPress Theme (Worth $2120)
AdWords Campaign plus 1 [...]

MyBlogContest is holding a contest to win an SEO prize package worth $200. Here are the prizes:

2 hour site SEO audit with report
Keyword research
10 one-way text links (1 month rental) with PageRank 3 or higher
1 Squidoo lens

A couple of decent prizes, especially for new-comers to the blog world. to enter, just post the following with [...]

Contests have really become a huge thing in the blogosphere. It really benefits everybody involved; it gives both the sponsor and the contest holder more exposure and links back, and it gives the blogger a chance to win something by only blogging about it.
To find all of the contests available, subscribe to the RSS feeds [...]