Thanks for pointing on this, and especially for giving a short glimpse on the disadvantages! Everyone should clearly know the "risk" of his/her engagement in a contest.

One question, please:
You wrote: "Post your entry as early as possible."
Why should one do so?
In other points of your article you stress on looking for the posts of the co-competitors. So it could seem better to post one's own contribution at a later time, doesn't it?