I love the Million Writers Award for many reasons, but one great reason to pay attention to the nominations might not be obvious to all. Over at this page, the editors of dozens of online journals have posted links to what they believe to be the three best stories they published in 2009. You can’t buy a resource that good. Not only is it a great place to find out about online journals and see if you like what they publish, you can get a pretty good sense of what the editors are looking for and what they’re proud of.
I also find it interesting to gain insights into related magazines. Some writers have been nominated by several different editors. So, if you like the work of X writer and think yours is similar, this might give some clues as to where you should be sending your own writing.
Jason Sanford says this year there have been more nominations than ever before. My observation is that there are everything from very obscure niche publications (Stymie, a magazine that until recently was devoted entirely to literary stories about golf) to professional speculative fiction markets such as Beneath Ceaseless Skies.
Every writer should have the page I linked above bookmarked.