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Amazon describes it this way: "Kindle Scout is reader-powered publishing... It's a place where readers help decide if a book gets published. Selected books will be published by Kindle Press and receive 5-year renewable terms, a $1,500 advance, 50% eBook royalty rate and featured Amazon marketing."
The whole thing is explained here: How It Works
Yeah, I'll be beggin' for votes. Obviously, I'll keep you in touch...