The prizes for this challenge are:
1st prize - $500 USD
2nd prize - Lifetime Membership at SimplyMaya
3rd Prize - The Art of Toy Story 3
Challenge Duration: May 2nd - June 30th
The challenge will run for two months with the deadline for your final entries set to June 30th. All entries must show WIP on the forum and as this project is shared with SimplyLightwave you'll be competing with people from our Lightwave site as well. This challenge is open for all types of Maya users, you don't need to be an expert to join. The main point here is to challenge yourself and to have some fun.
Your judges will be:
Jason Edwards - Senior Modeler at Windmill Lane VFX
Michael McKinley - Author and Environment Artist at Zombie Studios (Hopefully)
And of course, yours truly

To join in simply start a new thread here with this in the title:
My Favorite Toy Challenge - Your User Name
Good luck, have fun and we hope to see some great entries for this challenge!