business - Are logo design contests considered "spec" work and what are the pros and cons of participating as a designer?

I know logo design contests and the whole "spec" work issue is a controversial subject. As a designer given the AIGA's position on spec work what are the pros and cons of entering such contests?

Answer

The Cons:

• you're working for pennies


• you're working for a 'client' who has committed next-to-nothing to the project


• you're not designing based on any real client or business objectives/requirements


• there is no proper feedback loop


• you're competing with people that are likely using unlicensed software and type


• you're wasting your time

The Pros:

• umm...let me think...err...hmm...nope. No Pros.