There is a contest dedicated to PSDMAGAZINE at this moment.
Check here: http://www.photoshoptalent.com/ (in the free for all contests section)

Since spring is already back and sun is shining again .psd has new contest for all of you! The main theme is simple – flower! Use your imagination and create flower that will represent spring together with psd. We will place your design on T-shirts and magnets and will spread it all over the world!

Contest Theme: Flower!
Rules -no rules! Software and technique is your free choice!

• Dates: 04.16.2008-04.30.2008 (midnight)
• Prizes:

1st place prize:

• T-shirts with your own design made by collarfree.com
• Magnets with your design prepared for you by StickerChick.com
• one year subscription of .psd Photoshop magazine
• ImageModeler 4-The solution to create, measure and integrate 3D scenes using photographs
• StrataDesign in 3D:
  • The high Powered 3D Plug-in for Photoshop Exten
  • The interactive 3D PDF & Web Plug-in for Photoshop Extended
  • The Photo to 3D Plug-in for Photoshop Extended

• Illustrations with Photoshop a designer's notebook translated by William Rodarmor
• ipod skins by GelaSkins.com

2nd place prize:

• T-shirts with your own design made by collarfree.com
• Magnets with your design prepared for you by StickerChick.com
• Photo Explosion DELUXE- The Complete Digital Photo Studio
• Creative After Effects book by Angie Taylor / Workflow Techniques for Animation, Visual Effects and Motion Graphics.
• one year subscription of .psd Photoshop magazine
• ipod skins by GelaSkins.com

3rd palce prize:

• T-shirts with your own design made by collarfree.com
• Magnets with your design prepared for you by StickerChick.com
• one year subscription of .psd Photoshop magazine
• Beginner's Guide to Adobe Photoshop Elements book by Michelle Perkins
• Adobe Photoshop CS2 one-on-one book by Deke McClelland
• ipod skins by GelaSkins.com

...and the winner is:
1st place -Carina Dumais

2nd place - Roberto Reyes

3rd place - Andre Bessa