This contest is so much more about the fun of being a part of it than it is about winning. With a 100+ entries, the chances of winning are pretty slim, but who cares?
Actually, the chances of getting accepted via the contest (3/121= 2.47%) are about the same as the Duotrope-reported acceptance rate for a normal PodCastle submission -- 2.76%. Plus the added benefit of being able to see reader comments and the fun of the contest structure.
Good luck to everyone!
Overall, probably. For me, I reckon my odds are much higher in the contest because I don't have to get a story past Ann Leckie. From past experience I reckon I have a 0% chance of ever sending her a story she will pass to the editors. With a contest I have a chance, slim as it may be.
--Note: I'm not complaining about Ann. Just observing that I've gotten some close calls at most of my favorite markets, but have never gotten the slightest hint of interest here, and I've sent pretty much everything I've ever written. She did, however, send me a rejection that earned me a pizza bought by Ferrett Steinmetz. So that's something, at least.

Anyhoo, bring it on! Just back from paternity leave and am now swamped with projects I put on hold until I was back. What's a little more swamping, when all is said and done?