Maybe you've heard, but the comics bloggers are all up in arms about Tokyopop's latest scheme. They've started the Shining Stars Program, where you create a pilot manga (you also have the option of submitting only a manuscript of the chapter rather than drawing the whole thing out) and they just might publish it for you or give you a series deal.
Sounds great, right? Except that the contract, despite being written in what seems to be an attempt at "kid-friendly" language, is really a pretty bad deal. As in, they'll retain rights to your story and characters no matter what, even if it really takes off, they can do whatever they want with your story and characters, and they can pay you next to nothing. Hardly the fulfillment of your dream of life as a mangaka.
I know we have a lot of people on this forum who love to draw and write, and Tokyopop's big name may seem like a big plus, but I wanted to get the word out there that it isn't worth it. There are lots of fairer and brighter deals out there for you.
Unfortunately, bloggers don't always have the cleanest language, so I'm only going to link to this entry
(it was pretty clean), though that one also links to other blogs on this topic. (If you decide to brave the language and follow the links, I recommend Bryan Lee O'Malley's writeup--it does a good job of breaking down exactly what's so bad about this contract.)