It's a neck and neck race for the $1 Million
Netflix Prize, with Pragmatic Theory and BellKor in BigChaos in the lead (sounds like a geeky horse race):
IEEE Spectrum has an interesting article that tells the tale behind the $50,000 Progress Prize.
It’s 7:50 p.m. on 1 October 2007 at AT&T Labs, in Florham Park, N.J., and three of us are frantically hitting the “refresh” buttons on our browsers. We have just submitted our latest entry in the year-old Netflix Prize competition, which offers a grand prize of US $1 million for an algorithm that’s 10 percent more accurate than the one Netflix uses to predict customers’ movie preferences. Although we have not reached that milestone, we are hoping at least to do better than anyone else has done so far; if we can make it to 8 p.m. with the best score, we’ll win a $50 000 Progress Prize. For most of the summer we’d been ahead of our nearest rivals by a comfortable margin, and as recently as 36 hours before this moment, our victory still seemed to be a slam dunk.
The previous day, though, the lead had started to slip away from us. First, the teams then in fifth and sixth places merged, combining their talents to vault into second place, making us nervous enough to submit our best effort, which we had been saving for a rainy day. But before our improved score appeared, we were hit by another combination when our two remaining serious rivals joined forces to tie us. Worse, their entry had come 72 seconds before ours, meaning that in the case of a tie, they’d win.