First monthly contest (for May 2010).
Winner will receive a 8.5 x 10-inch print of their character (both a digital copy as well as a photo-quality print from yours truly). Winner will also be published in the WBG Contest Anthology, which will include the first 12 monthly winners and the first 4 quarterly winners.
It is possible (indeed likely) that future contests will have similar prizes.
Quarterly contest.
Winners of each quarterly contest will receive a free copy of the WBG Contest Anthology, which I will be self-publishing next summer. Winner will also be published within said anthology.
All winners will also be "enshrined" in the WBG online library, coming this summer.
Info in this thread is subject to change should plans fall through.