For those of you not frantically engaged in writing your great novel this month like GeekDad Russ (see here) there is another option. A group of Cthulhu Mythos devotees (possibly cultists, not yet confirmed) have started a Mythos Fiction competition running through to the end of December 2008, with the winner announced at the end of February 2009.
As a committed fan of H.P. Lovecraft and someone who doesn't mind stringing a word or two together it is an enticing option. Lovecraft's world is quite an expansive one. Sure, his actual works may not cover as many pages as Tolkein or Wells, but the sophistication of his pre-history of the earth combined with numerous gaps lend themselves (as many have already done) to expand upon the Lovecraftian world. Given most of his works were short-story/novellea length it doesn't take much for someone who has yet to discover the thrill of Lovecraft's works like Whisper in the Darkness or At the Mountains of Madness.
For those wanting to get into the Lovecraft Literary space before they start writing, his complete works are available online here.
Stories have to be under 5000 words and for all the rules and details visit yog-sothoth.comright here.