Open Thread: How Do You Feel About Writing Contests?

Recently, I read a veteran freelancer suggesting contests as a way to boost your portfolio and launch a writing career. That may be true, but I'm skeptical of writing contests in general. Some charge a reading fee, and frankly I'm not convinced that those smaller contests really carry much weight with editors or clients. And if you read the fine print, some of the essay contests sponsored by big name magazines (the ones that might actually mean something to people outside of the entrants) stipulate that they own exclusive rights to every single essay submitted, whether you win or not. That means they can choose to publish your piece at some later date and not pay you for it, and they can prevent you from submitting your pride and joy elsewhere. Of course, I entered my share of writing contests when I was starting out. In fact, if you read my bio, you'll discover that I caught the writing "bug" after winning honorable mention in a Cricket Magazin e contest. I even flew to Washington, DC in high school to accept another writing award, and that experience undoubtedly boosted my confidence (not to mention the fact that it was the first time I got paid for my writing!). Still, the combination of questionable bragging rights and copyright-grabbiness makes me question the worth of many writing contests. That's why I encourage my students to submit their essays or pitch their dream markets, rather than waiting for a contest, when judges will be inundated with submissions and only a few writers (out of many talented wordsmiths) will win. I'm in favor of applying for a writer's residency, fellowship, or a scholarship to attend a writing conference, but if you're asked to surrender rights or pay money to enter, I'm not so keen on that. What do you think? Are writing contests worth it? Which ones have you found most useful?