I loved the concept from the first time I heard it. Even though at $300+ per project, it's an incredible saving when you take into account that an average designer (just one of them!) would burn through that amount in a few short hours.
For my VAULT13 logo design project, I had 38 designers submit a total of 242 designs! Completely blew my expectations out of the water. I would have been happy with 20 decent designs to choose from, and I had dozens!
The hardest part wasn't "which one do I like the most?", but "Which 20 do I like the most!".
The best part is I ended up with a logo that is so good that it's given me a new design focal point to revamp my whole site and brand image.