I entered. And while I didn't even make it to the second round, I decided I liked my setting idea enough to expand on it. You can see the results - now expanded to 50,000 words or so -
here. I'm still working on it, and I hope to publish it as a PDF in another year or so (when I've expanded it to 100,000+ words, playtested it, polished it, gotten it edited, and commissioned some art for it...).
In hindsight, I know why my setting wasn't chosen - because my one-page proposal was quite bad, really (and that was probably the case for the vast majority of proposals...). I don't begrude Keith Baker his success at all - apparently, he was professional enough to bring the project to frution. And even if I had been chosen, I wouldn't have had the time to do the setting bible, anyway - I was drafted in January 2003, and basic training tends to put your mind off writing setting material for fantasy RPGs...
Still, I hope to see
Urbis get published one day, so for me, at least, the Setting Search was a worthwhile exercise...