Kids Beauty Pageants-What's your take?

When I was at the mall a couple of days ago, I ran across an ad for a beauty pageant for kids and teens, and that led me to thinking: Why do parents put young kids (sometimes under the age of 5 or 6) in pageants? I think that young kids shouldn't do pageants, because if a kid ends up losing a pageant (sometimes as close as first runner up), some kids might be really hurt by it. Some people say that the kids might learn self-esteem or motivation, or another life skill. Others say that the kids are too "Dolled up" with all the makeup, hair extensions, and other beauty enhancements. I'm reading a June 2000 article from the Harvard Gazette that has the pros and cons of parents putting their children in pageants. Sometimes, kids can be worn out from going to a pageant every other weekend, or getting their hair, nails and routines done constantly, while other kids get a big kick out of it. What do you think about it? I'd like to know your opinion