This competition will be of interest to writers. Bear in mind the value of the Writers' and Artists' Yearbooks.
Social networks are good for publicity but bad for writing. Estimate how many words you write posting to Twitter, Facebook, MySpace, and online forums and then think how far you could have progressed your MSS instead. By all means use them, but not as a substitute for your 'real' writing.
If you try to fail, and succeed, which have you done?