Here's the basics:
A contest entry involves writing up a short description of an interesting “getaway” to anywhere in the world that costs under $500 (NOT including airfare). The getaway must be for a minimum of 5 days, and cannot include any inappropriate, illegal, or unethical activities (I’m talking about really bad stuff. Gambling, cock-fights, etc. are fine with me).
For an example, check out Rob's suggested 7-day itinerary for Ecuador.
The competition will closes on October 31st, so there's still plenty of time to get your submissions in.