When participating in these logo contests, you are devaluing the design industry as a whole. Also it gives off the perception that logos can be "ready made", with the ability to simply change the name and have it work. There is a LOT of hard work, research, and unique consideration that should be taken into account when creating a great logo. Even if you decide that you would like to work for pennies, think about the greater implications of bringing down the industry as whole.
Example, "Why would I pay hundreds or thousands of dollars for a logo from you, when I could go to this site, have…