"The Pwn2Own hacking contest, held during the CanSecWest Security Conference in March, will pit hackers against browsers from Microsoft, Apple, Mozilla and Google. The hackers will also have a chance to "pwn" an iPhone as well as other mobile devices."
TippingPoint's Zero Day Initiative (ZDI) team is sponsoring the contest for the 3rd consecutive year. They are going to officer $5,000 USD for each browser hack and $10,000 USD for each mobile hack. The contest will be held during the CanSecWest Security Conference from March 16th through March 20th in Vancouver, BC.
Last year it was a Macbook Air that was hacked on day two by exploiting a Safari Browser security flaw, the winner took home $10,000 USD. Guess that isn't such a big deal anymore so they dropped the bounty!