I just received an email saying my story, "Floaters," received an honorable mention in the Writers of the Future Contest (2nd Quarter, 2011). While this means the story isn't getting published (yet), this is pretty prestigious as rejections go (and gives me something nice to add to my cover letter when I fire the story out again).
And this is what's going to drive me nuts: Immediately after sending it out to the contest, I redid the ending and cut a few hundred words, slimming the story down (this is a pretty clear sign I should have held off). I don't know if the new and improved version would have earned me more than an honorable mention (which I'm still fairly pleased about). Serves me right for my impatience.
With any luck, I'll be ineligible for the contest soon. You're only considered a "new" writer if you have fewer than three pro/semi-pro level publications, and I already have two (or one, depending on how many copies of Loco-Thology get printed), and I'm waiting to hear about a third story.