nice thread!
i cant participate in the competition but if you dont mind ill share my “couple” of shots of water that i made
for reference 
http://photo-cult.com/showpic.php?aut=pimeto&id=218249
CgTalk:FXWars! Water Balloon! - Challenge:17
Wow it’s gonna be fun! I was looking for challenge, i think i came to the right place!
Roberto is the zip password protected? whenever i try to open it asks for a password.
Edit: Apologies i didn’t read above 
Thanks, Dave.
Hi everyone i am in & here is the link to my W.I.P thread
http://forums.cgsociety.org/showthread.php?p=4702164#post4702164
Roberto,
can i please have the balloon?
Thanks
Does it have to be falling, or can it be a slo-mo pin prick like in a lot of the reference videos you linked to?
Roberto, I tried to import balloon.obj file but it didn’t import in 3ds max9 and giving me error.
plz someone else Max user confirm it?
Roberto Would you allow for two entry: Becoz as always i am thinking to do two type of entry. one High speed balloon burst shot and one with commision entry ( if i will get time I will got with live action footage for commision shot.)
Roberto, when i imported this file in max,balloon mesh made of every single poly which aren’t connected. can u post in any other format like .3ds? that would be fine. i will use this balloon mesh for commision shot for a falling balloon.