I'm sure that this has been discussed before, but as a newbie CH, I thought I would pass on my first impressions. It seems pretty unfair to the 2nd and 3rd place designers that they don't get any money for all of the hard work they do. It would be nice if the split was something like: 70% winner, 10% 2nd place, 5% 3rd place (rest to LT). For my contest that is currently running, there have been one or two people who have really been helping me figure out what I want in a logo - they have been extremely helpful, and it's unfortunate to think that if someone else wins at the end, they will get nothing for their time. Maybe another way of doing this is having a Tip jar of sorts. I would gladly give $10 or $20 to a couple designers at the end who were really helpful throughout the process.
Anyhow - just sending along the perspective of a new CH.