I haven't posted much on the Pete Conrad Spirit of Innovation Award because I didn't know so many details were out. I assumed I'd have to wait until the X PRIZE Cup details were released, but I was wrong. There are a lot of details on the student competition that I haven't seen before. Check it out here. Some details from that page:
The 2008 Pete Conrad Spirit of Innovation Award includes two competition categories:
Personal spaceflight: Assume you can go to space. Create an innovative concept and business plan for use in personal spaceflight.
Lunar exploration: Assume you can go to the moon. Create an entrepreneurial venture for lunar exploration.
Students will compete for over $20,000 in prize money, trips to the 2008 X PRIZE Cup, and many more special benefits stemming from the competition’s unique position within the aerospace industry.
The site goes into details on the important benefits to the competitors, but you'll have to go to it to read them. Some more links:
Pete Conrad Spirit of Innovation Award 2008 Rules (PDF)