I really hate movie poster design contests. They really fuel that "I can use every filter in Photoshop!" style of armchair graphic design.
What's interesting about the Resident Evil Movie Poster Design Contest is they really try to give you many of the materials and guidelines of a real campaign. Logo, a billing block, legal "equal likeness" clauses, a set of unit stills to use, and so on.
But to really be accurate, they should have the winner revise his/her poster a few dozen times, then change their minds at the last minute and give the prize to someone else.