Last year, first round judges included JoAnn Grigioni (VP Talent, Comedy Central), Ian Arougheti (Agent, Paradigm), Emilie Laford (Booker, Melrose Improv) and more. College agents, club owners, film directors, etc - even if you don't make it out of the first round, you will be seen by some BIG industry. And if you win the whole thing, the prize package includes cash, offers of representation, and a few months of club work, all routed and booked ahead of time.
I wish there was a site that listed all the upcoming comedy fests and their submission deadlines. Oh well. If ya know of any other festival submission deadlines coming up, go ahead and post 'em in the comments.