OK, so I think I've decided what I think about entering contests. It is valuable to me if the contest has the following attributes: someone actually reads the entire work or at least the first three chapters, they get to comment, they give you a score, and finalists get to be read by someone like an agent or editor.
Otherwise, what's the point?
I do love having complete strangers read my work and comment. Even if it is a negative comment it helps as long as they're being honest and not slamming me for the fun of it.
So far the best experience I've had is with the FF&P people (link on the right). They really put the time and energy into it to make the exercise worth quite a bit. And for a $20 entry fee it ends up being a bargain. Three people read your work and independantly critique you on a range of topics, like dialogue, world setting, grammar and punctuation, characters, etc. Very thorough. I'm sad they only run it once a year. :-)
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