These guys are legit. I did some research through a link I found on Writer Beware.
Here's a brief run down of the contest. (Official rules can be found on the companies website.)
Here’s a chance to have your project reviewed by one of the agents at The Knight Agency. Submit three compelling sentences (150 words max) about your completed, unpublished manuscript to submissions @ knightagency.net (delete spaces). Write BOOK IN A NUTSHELL in the subject line or it will not be deemed eligible. One submission per project, please. Twenty of the best submissions will be chosen and requested by various agents who will then give feedback on your work...and it may even lead to possible representation. Hurry, the deadline is April 20, 2009.
So hurry. I know it's a bit rushed, but I just found out about it myself. Though I won't be entering. I need a finished novel first. ;)
(Though I will be keeping the site for later use.)