Since I've recently made a poetry book trailer and posted several times about the process, I was immediately interested in this contest sponsored by the journal Quiddity. Maybe you too?
Book Trailer Contest for Writers and Small Presses:
Two prizes of $350 as well as broadcast, Web, and print promotion by Quiddity will be awarded—one prize each in the categories Manuscripts and Books. (Runners-up and/or honorable mentions may also be selected.) This contest closes October 20, 2010 (postmark deadline).
Now take a look at the sample video. I'm a bit intimidated by it! The effects achieved here are quite spectacular and way beyond my capabilities, but I hope this is just to inspire us. I'm planning to make a trailer for my new book and hope to enter the contest. But I'll be keeping my trailer closer to the two minutes recommended elsewhere. I suspect it's true that most viewers won't hang in for more than two minutes.