There have been several of these sorts of contests in recent memory (Sobol, Gather) but this one appears to be a joint effort with Amazon and Penguin books and worth a look for everyone out there with a novel. Here’s the info from the contest page.
“Are you a writer longing to be discovered? Submit your manuscript for the Amazon Breakthrough Novel Award. It’s the perfect opportunity to become the next great novelist: the winning author will receive a publishing contract from Penguin Group, including promotional support for their book on Amazon.com, and a media suite from Hewlett-Packard. All entrants are eligible to self-publish their novel with CreateSpace and sell it on Amazon.com. Enter your manuscript for consideration by November 5, 2007!”