@ThemesMODX i believe the answer to both your questions is yes.
Here is our another entry:http://themeforest.net/item/styzo-responsive-one-page-modx-theme/7638434
ThemesMODX saidI had the same question, very curious to the answer.
Am I right that I can submit on the 14th and have a chance of winning? The theme does not need to be approved before the 14th? Just submitted?
I had the confirmation on twitter (envato support account) that items SUBMITTED before the deadline are eligible for the competition, even if they end up getting approved after the deadline.
I’m waiting 6days for my second theme to be reviewed.
My second theme approved. I will update my themes with new features soon.