The prize is 1m$... now, that is a lot of money, but something doesn't clash. I'm sure that'd come out to about the yearly salary for 10 researchers. No mention of lab costs, testing, publication, blah blah...
I'm not sure, but it smells like the typical Scriptlance (http://www.scriptlance.com/) fare, with a similar cost/reward point.
Meh. My lab will stay dusty :(
Full disclosure: I'm not affiliated with InnoCentive, my brother just sent me the link this morning and I thought I'd share.