The Fan Favorite (this is the popularity contest angle) wins $1000 + socks, and there are five awards for Company Favorites who win $250 + socks.
Joi suggested I should enter, however I was disappointed when I read the OFFICIAL RULES and found it is only open to residents of the United States. The other disappointment in the rules is that Little Miss Matched is grabby – just by entering (even if you don’t win), you forfeit the copyright to your work without compensation, “in perpetuity, anywhere in the world”. Not cute, I would hesitate to enter even if I was eligible under those terms. Designers in the states – if you choose to enter, make sure you read and understand the terms and conditions.