I don't know anything about this other than what the Micro Award Website says: it's a contest for the best short-short (under 1,000 words) published in 2007; submissions should be mailed to the administrator by September 30, 2008; and the winner, as determined by a panel of judges, will win $50.00. And there's a $2 fee to cover costs.
So if you write flash fiction, or an editor who publishes flash fiction, you might want to go for a little extra exposure (and $) and submit something for consideration. Or not, since I gather this is the first year of the contest, and I have no idea who the guy is who came up with the idea. Still, it's only $2, plus postage. So why not?