I worked with a few awesome folks in Providence, RI to produce
http://twalala.com - Twitter with a mute button.
All four of us are avid Twitter users, and had frequently run into situations where we wanted to put a muzzle on some of the folks we followed, without going so far as un-following them. Whether you want to block all tweets containing spoilers for your favorite TV show, or if you temporarily want to mute a drunk co-worker, twalala gives you that power. (We also added a whitelist, so things like mentions of your name can always get through.)
AFAIAC, the big wins were (a) working with a team of friends that I hadn't had the chance to collaborate with before, and (b) building something that we all wanted to exist... and now that it does exists, we all use it every day. Winning some contest prizes would be great, too, but we all agree that the experience was well worthwhile, regardless.