Young mac blogger Phill Ryu has finally launched an idea he has had floating around for a while - MyDreamApp.com. With the help of several accomplished developers and many guest judges including tech celebs like Steve Wozniak and Kevin Rose, My Dream App is not going to be your ordinary contest. Here’s how it works: anyone, not just Mac users, can submit an idea for what they think would be a killer application. The entries get narrowed down to 24 intriguing app ideas by the help of My Dream App developers and guest judges.

From there, visitors as well as judges can select the final 3 winning ideas which will actually get made into shareware OS X applications and the winners get some nice prizes like an Apple MacBook. But it doesn’t stop there; the winners get a good percentage of the proceeds from the application’s sales, with the rest going to the developer. Pretty cool huh?

I was a bit skeptical and awed when Phill shared this idea with me way back in the development stages, but I can definitely say that the concept and idea has matured well. My Dream App looks like it will be a proven success and Phill is putting his money where his mouth is… he’ll be putting his first semester of college on hold to ensure that everything works out as planned.

Celebrity judges, prizes and kickass applications - it can’t get any better than that. This contest is for those people that have phenomenal ideas but don’t have the resources or development and design experience to get the job done. If you’re one of those people, go ahead and submit your killer idea right now. Kudos to Phill and crew.