Thanks for asking, DM6!
-No, there is currently no word limit. It's been discussed, and I'm open to more discussion, but I shy away from it: I don't want to stifle creativity by an arbitrary limit, nor do I want to scare off less confident writers with a daunting figure. People do tend to have a limited attention span, though -- so really long works may not be ideal for this contest.
-There is no limit on who may enter, although I should probably state only one entry per month (understood, I think, but now it's explicit!) If this becomes a serious issue, disrupting competition, we'll see how to adjust it -- but I think we have a pool of very good authors, and I personally feel the Contest is more about participating, and being in the spotlight, than winning.