The following blog post summerizes this contest a lot better than I can.

http://www.dailywritingtips.com/is-your-novel-ready-to-go/

The contest is essentailly for anyone who has completed a novel already and is willing to let the public users of Amazon vote to get your book published by Penguin. The deadline is February 2.

Here is the official site for more information:

http://www.amazon.com/b?node=332264011