Nexon Initiative funding

I saw this over at CGTalk, and didn't find anything about it here yet.

It's a competition to send in a game proposal (design doc, business and budget plans, and visuals of the current state), and you get a chance at being funded (for up to 1 million).
It seems only for games that have a strong online or social component tho.

I leave it to your own judgement whether this seems all ok and safe on the IP side of things.

More info is at:
http://initiative.nexon.net/
and an article on gamasutra http://www.gamasutra.com/view/news/27519/Nexon_Announces_New_1_Million_Indie_Dev_Program.php