It's become fairly regular to see individuals or even small companies posting blogs or Tweeting to find developers to work on iPhone apps (or java etc.), but this has to be one of the largest companies I've seen to date using a competition mechanic to drive development.
Vodafone Malta have just launched their i-Mashup competition, which calls on developers to submit innovative and useable applications that offer real customer value. Although the prize structure isn't huge (1st place €2,500, 2nd place €1,000 and 3rd place €500) it's bound to drive interest. Considering the current economic climate, I'm sure there are plenty of developers who'd be willing to spend a bit of their own time to try and win two and a half grand. Of course on Vodafone's end, they spent €4,000 on prizes and perhaps another €500/€1,00 on admin and advertising, and they potentially have hundreds of mobile apps at their disposal.
Will it be long before we see similar here in Ireland?