Due to negative community feedback, this idea is no longer on the table
Your feedback has been greatly appreciated in this
I have revised the proposition to the following: instead of an emphasis on timeliness, users will be allocated a certain amount of time (perhaps 1 hour) in which to research and compose the best answer they can.
Praxis and I have been discussing this idea on chat. We haven't got as far as a prize (perhaps a bount), but the idea is that several of our leading users can nominate to enter (that means you Richard) and on June 30 at an amenable time for the contestants, a question is posted and the entrants scramble to provide a quality answer first. Please leave answers to this question to express your opinions. I cannot stress sufficiently though that this isn't a mock question or anything - this will be a legitimate question with a demand for regular quality, just with a twist by adding a time constraint. The answers would then be judged by a panel.
(Originally we were thinking of launching a competition where whoever answers a question first with a quality answer wins * BUT no longer the case*. )