I won the iPod, felt a bit guilty to be disappointed that I didn't win the flat! 
Conversely, I've entered more than a few competitions where I haven't really fancied the top prize, but quite hoped that, should I win (spoiler: I didn't), I would win a less major prize.
Quite often, the big headline prize is an amazing exotic foreign holiday which, although clearly a fabulous prize - and most people's dream - really isn't my thing at all. British seaside for me, thanks. Invariably, it will be worth thousands of pounds, be non-transferable/exchangeable and come with the barrage of publicity and attention that an introvert hates.
Pretty much the same for the gleaming new second-prize BMW. Lovely, yes, but I'd feel so strange driving it and would also lose the great sense of freedom that only ever having old bangers brings, where you couldn't care less about another scratch, stain or scuff mark.
However, one of the 10 relatively small-fry new tellies or £500 supermarket vouchers would do me juuust fine, thanks - and likely be simply posted out to me with no fanfare or media circus.