I am a member of Shooting People who are helping promote an interesting ad competition via an organisation called MoFilm. It's open to all students.
You just have to make a 90sec ad, and upload it by Feb 1st.
Prizes include a car, cash equivelent, cash up to $10,000, film tech packages, on top of residuals. And if you enter via Shooting People you can also walk away with the latest Canon 5D hi-def camera.