I have done some promotional treasure hunts in my area with a group of friends. We have been doing one that comes out in our local newspaper every February, and we finally found it this year. The prize included a pass to some local golf courses and a membership to a gym.
We also won two separate treasure hunts put on by a local radio station this summer. Both treasure hunts involved finding a "mini Xbox 360" which were turned in for real Xbox 360's.
Everybody in our group is a geocacher, and our geocaching experience really helped us find the second mini Xbox as it was hid in a location where one of our local multicaches begins.
I personally believe that we are successful mainly because we find the enjoyment in treasure hunting from the thrill of the hunt, not in the spoils. I think we'd do a treasure hunt even if the prize was stick of gum!