OT a bit, actually nowadays those Corp comm or agencies long-term serving any big compaones are already very smart. Its either they do this, or squeeze the pro-photogs doing events. I cannot even see any company which is respectable in size / cash cow to spend like $$350 for 2hr coverage. Note - experienced photographer and good equipment involved. One company even know the diff between edited and non-edited photos, they want me to go home and edit it before sending back to the corp comm office 2hrs later (since they are vacating the place you cannot really stay there to edit for 30mins - 1hr and pass to them on the spot). All for below $500 for a short 3hr coverage, which usually would be burn into DVD or USB and go. If you still have a long standing relationship with an agency requiring "higher-end" photography then its good for you but hey brudders, I do not see this going to happen for long man. If there is no more demand from this "photo dilution" with such contests and stuff, the jobs and demand will just dwindle. So what if you can shoot well? Only those in niche photography genres will thrive.
Nowadays the agencies themselves outsource to $20-30/hr FL photographers, you see that in the Services Wanted/Offered section. So its not only the wedding fraternity which are squeezed.
Of course, these contests and the points I have raised above is absolutely nothing new..... but still time and again need to be surfaced. For I see it is worse than 7 years ago, and of course will definitely get worse. (while other goods/services will continue to inflate in prices )