As a designer, the prospect of a service like this is exciting. Crowd sourcing sites like 99designs (as well as sites that focus on spec work) often turn out to be a waste of time where people want more designer hours than is ever reasonable for the amount of money on the table.

Don't get my wrong, 99designs is a great way for new designers to cut their teeth, but something like this seems better for those designers who are already more established.