I think it waters it down a bit, it's a prestigious competition because it isn't easy to get accepted. I wonder whether the longlist stage is probably there to stop people getting disillusioned and give them a bit of hope so they keep entering. Obviously I was disappointed not to get to the final round but at the end of the day the vast majority of entries won't get in and I've had more than my fair share of luck in the past... I'm led to believe that there is usually around 20,000 entries, this year it was over 30,000 and the book only has 224 pages not good odds!