Thanks to Adam Cohen of Winning Writers for this tidbit:

If you've made the investment to build a quality website, go the last mile and enter it into competitions. Entry fees typically run $100-$200. If you win, you can expect more site traffic, more inbound links and higher search engine rankings. Awards help establish the credibility of obscure sites, and you'll enjoy publicity from the award sponsor. Some contests to consider:
http://www.webaward.org/
http://www.webaward.org/iac/
http://www.webbyawards.com/main/
http://www.webpageawards.com/

Google provides a list of additional awards:
http://directory.google.com/Top/Computers/Internet/On_the_Web/Best_of_the_Web/Site_Awards/?tc=1/

"Sweet Reward," Entrepreneur, January 2004
http://www.entrepreneur.com/Your_Business/YB_SegArticle/0,4621,312392-1----,00.html