A quick Google search brings up 11,000 comments about American Prize Panel, and none of them seem to be positive.... If not an outright scam, it definitely sounds iffy. From many reports, they end up spamming you with popups and text messages or calls. Here's one typical query on Facebook's 'help' page: http://www.facebook.com/help/?question=897110
Edit to add: it appears my colleague, John Delaney, already addressed this topic on Yahoo Answers a month ago:
Best Answer - Chosen by Voters
Hi, firstly, please do not fill out any surveys like this in future. They will log your email address, and you will get more and more spam mail from various websites.
Now, American Prize Panel doesn't appear to be a scam as such, but if you read herehttp://www.kgbanswers.com/american-prize
people have wasted time and money on trying to claim prizes which aren't actually worth the bother and time expended.
Also, while you say Facebook asked you, it wasn't actually Facebook, but one of the advertisers that pay facebook for space on the website. Facebook receive a payment for each person that clicks a link, not all the links on any website are beneficial, as in this case. You will spend a lot of time filling forms from American Prize Panel, and never actually receive anything.
Please read through the forums herehttp://www.scamwarners.com
for more information on scams
Edit again: Their own 'Terms and Conditions' page gives the real story. It's not the kind of scam we deal with here; they are staying within the law, but working at the boundaries. Basically, simply by participating in one of their surveys you are giving them full legal rights to spam you in every possible way. And while the potential prize may be real, the requirements you must fulfill to earn it present an overwhelming obstacle:
To obtain the gift for this promotion you must: 1) register with valid information including e-mail address, shipping address, and phone number; 2) complete the survey; 3) complete at least 2 Silver, 2 Gold and 4 Platinum Sponsor Offers (offer availability will vary); 4) be a US resident 18 or older; 5) not cancel your participation in more than a total of 2 Sponsor Offers within 6 days of the Sponsor Offer Initial Transaction Date (the Cancellation Limitation). You can receive the gift at no cost by completing free trial Sponsor Offers and/or by following the Refer-A-Friend program requirements; otherwise some Sponsor Offers may require a purchase to qualify.
. . .
By accepting of the terms and conditions of this website and providing your telephone number, you are subscribing to a program that transmits special offers to subscribers via pre-recorded voice messages.
By subscribing, you are expressly consenting to receive prerecorded telephone messages from Worldwide Commerce Associates (WCA) that include special offers from affiliated merchants. You are subscribing to receive prerecorded messages only from WCA with offers from its affiliated merchants and only at the specific number(s) you have provided to us. Your consent will be effective regardless of whether the number you have provided: (a) is a home, business, or cell phone line; and/or (b) is or will be registered on any state or federal Do-Not-Call (DNC) list, and shall remain in effect until you revoke your consent and cancel your subscription.
. . .
In addition, when you register for the Program, you agree to receive an email newsletter that may contain AmericanPrizePanel.com or Sponsor offers.
(Bolding is mine.)