Rather than drone on myself, I'll simply repost what Phobos editor John Ordover has already published to various mediums:

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For Immediate Release
Contact: John Ordover
phoboseic@aol.com

THE PHOBOS CHALLENGE STARTS NOW!
Phobos Books proudly presents
The Phobos Challenge
otherwise known as
REALITY COPS: THE CONTINUING ADVENTURES OF VALE & MIST.
An open, web-based, serial anthology that anyone, from anywhere, can submit to.

If we think your story is the best one submitted that month we’ll buy it from you (with actual money) and then post it on our website at www.phobosweb.com/valeandmist.

At the end of each monthly installment, Interdimensional police officers Harlo Vale and Mistico Patrone will find themselves in a new, unfamiliar situation – much like the “oh, boy” teasers the end of each Quantum Leap episode. That’s part of the challenge, because each author should strive to leave the next one with a compelling and demanding setup—and that author will in turn have to live up to the challenge, in addition to setting the challenge for the next writer.

To be eligible for inclusion in this anthology, your story must be between 3,000 and 7,500 words in length, begin with the ending of the preceding story, and end with the characters shifted into a new dimension different from the last. Please also carefully consider the series bible, guidelines, and legal points as described at www.phobosweb.com/valeandmist.

Episode One of VALE & MIST, “Home on the Strange” by Star Trek writer Kevin Dilmore, is now available for reading. Episode Two will appear on September 1st and a new episode will appear the first of every month. August 15th 2004 is the deadline for submissions for Episode Two, September 15th for episode three, and going forward the 15th of the month will be the deadline for each new episode , with that month’s story selected and posted by the 1st of the next month. That means there will be only two weeks from when each new V&M story is posted for those interested to write and submit a V&M story based on that month’s cliffhanger.

That’s also why it’s called a challenge.

If you’re looking for stories similar in tone to what we’re looking for, read THE HITCHIKERS GUIDE TO THE GALAXY or Robert Sheckley’s MINDSWAP and DIMENSION OF MIRACLES. Good examples of characters adjusting to alien transformations can be found in Jack Chalker’s WELL OF SOULS series.

Stories should be submitted as emailed attached documents in MS Word, Word Perfect, or RTF format. The email for submissions is on our site at www.phobosweb.com/valeandmist.

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So, there. Have at it!