From what I remember of the prize literature, prizes work best for well-delineated, objectively judgeable accomplishments. Like putting a rocket into orbit - you can plan out what is necessary, and it's clear when you succeeded. A literature review isn't really either. So I'm not sure a prize in general is succeeded for the task.
My personal problems are that:
The difficult questions are:
How much does spaced repetition actually help memory?
Quantifying the advantage in any more than an ad hoc way like http://www.gwern.net/Mnemosyne#fn3 would be difficult since it requires delving into the specifics of the data, and forgetting curves are non-linear so it's not clear what is even meant by 'how much' - memories per review at 1 year? At 10 years? At 50 years? Integrated over an actuarially projected lifespan?
Does spaced repetition have hidden benefits or costs?
There's probably no direct research on this, so now one has to delve into related research fields and look for very weak evidence or correlations, like maybe high memory correlated with longevity in old people.
Is there any interesting ongoing research? If so, what is it on?
New research tends to be hard to get (= wasted time going around paywalls) and requires following a lot of citations in bibliographies and checking out blogs and emails to really get a sense of where a field is now.
The best way is probably to informally or formally contract with someone like lukeprog (who does this sort of literature review routinely) to conduct the review.
Do you have a good starting point for reading on the prize literature?
EDIT: I am canceling this contest because I feel that the structure of the incentives were poorly thought out (see gwern's comments). I will be posting a new better structured contest in the near future (now posted). If you feel this is unfair or otherwise feel slighted, please contact me at my username at gmail.com.
I'm interested in making projects happen on Less Wrong. In order to find out what works and to inspire others to try things too, I'm sponsoring the following small project:
I hereby offer a prize to the first person to submit a good summary of the evidence on Spaced Repetition to the main page. The winner will get the prize, currently: $265 + 40 to charity (see comments)
The summary should address at least the following questions: