This is, for the first time, a Slashdot article that I am incredibly qualified to comment upon. I graduated from high school last year, and when I graduated, I was named one of the top 40 science students in the nation through the
Intel Science Talent Search, where I met leaders of industry, Intel's top scientists, education policymakers, and President Obama himself at the White House.
I can speak to the fact that these science "competitions," especially the major ones (ISEF, STS, JSHS, Siemens), are basically misnamed. They aren't so much competitions as they are organizations who try to determine which students have best displayed future potential for their fields. It's not like a one-on-one "science off" where two students try to one-up one another with their mastery of arcane mathematical facts; it's a bunch of students, all of whom are amazing in their own right, versus panels of distinguished judges. You don't "compete" beyond the fact that an organization can't give an award to everyone - in fact, some of my best friends are the ones that I met through these competitions.
Also, I want to add my two cents about why I do science as an undergraduate, now, at Stanford. I fancy myself a pretty smart guy, and yet I'm going into this field that just about every commenter here is poo-pooing. Why? Frankly, because I'm young and idealistic. I think everyone is overestimating the impact that money has on how high school students plan their lives - it's only one of a great number of motivators for us. Certainly, I know I spew platitudes because I've never been poor, but I've seen people who came from poverty do incredible things at science fairs at the high school and college level, and who continue to be interested in basic chemistry or physics. I know from direct experience that young students were inspired when they saw the picture of me with Obama, circulated in my state newspaper and widely across my K-12 school.
I haven't done the calculations to figure out what I'm going to earn when I do science, and in my experience, neither have most high school students today. I think that a lot of commentators are speaking down from their post-college clouds and trying to say that money motivates adults, so obviously it will motivate students. That's true, but there's so much that you're missing by reducing motivation to money only. What's "cool" is a huge deal in high school; what role models inspire you is another; and the opportunity to meet Obama - OBAMA - is probably as much of a motivation as all the money in the world.