If there is one good thing that has come out of the global economic meltdown, it has been the movement away from a culture of excess. Our friend and founder of TreeHugger, Graham Hill recently launched LifeEdited, a crowd-sourced design contest that challenges you to come up with innovative designs for low-carbon living in a compact 420 square foot apartment. They’re looking for innovative solutions for small-space living — from the ruthless editing of possessions to digitizing your life, using sharing systems, transforming furniture and ultra low-energy appliances. If you have a smart design, submit it today – all entries are due by January 10, 2011 and the winning concept will be used in a real-life renovation of a 420 sq ft apartment in New York City next year. Additionally, a total $70,000 in prizes will be awarded to standout submissions!