Due to the over-powering excitement surrounding Windows Phone 7 (and not too long after the UK Hackathons), there are two competitions being ran, both student only and an incentive programme that is open for all (within the UK it seems). If you're lucky enough to be a student, you are allowed to enter both programmes with the same WP7 app - pretty neat.
To enter the student competition, all that is required of you is to successfully publish an app in the WP7 Marketplace, email email@example.com with your publisher name, app title coupled with a screenshot and they do the rest. Requires almost no effort on your part. Should you win this competition, you could find yourself claiming a Microsoft LifeCam Show and/or Windows Phone 7 t-shirts in each round of the competition (six rounds total), while one of the six winners (one from each round) will win the grand prize of a HTC 7 trophy! But wait, there's more...
If you thought it couldn't get any better, think again. For the incentives programme (open for everyone), where the team is looking for both original and unique applications, there is a massive line-up of prizes to be won. Xbox 360 consoles, LG 22" LCD TVs, Samsung Home Theatre packages and more. To top it all off, by simply submitting one unique and original application (even if you don't win a prize) you get the chance to enter a weekly prize draw which include Alienware, Acer and Dell laptops.
A lot of prizes, I hope you took in all of that developers as I'm sure many UK students will be filling up their eye balls in code to be in with a chance in winning pretty much everything they have a chance of. For more information as to terms and conditions and how to enter as well as dates of the rounds, check out the main announcement on the UK Student Blog (sourced below).