I tried it but frankly I am not a fan of this. Experience-wise it reminds me of those "Enter to Win a Prius" box in the mall where you fill out your information in hope of winning something which even you realize will not happen. In the meantime your personal information got sold to various mailing list...

I know you are not like that but that's my first impression. Your site is too showsman-esque (even the logo, and your NAME) and in this age of privacy (or lack thereof) I think many would be turned off. Try to think of some other ways to come across as less slick-oily.

For example, you may want to do this in a way that participants always win (instead of entering for a chance to win). Give smaller prize that doesn't cost your advertiser much. Hammer the fact that participants not giving away any personal information -- I think you said it in the website but the message was not strong enough.