When comparing InsanityJam vs Ludum Dare, the Slant community recommends Ludum Dare for most people. In the question“What are the best recurring game jams?” Ludum Dare is ranked 1st while InsanityJam is ranked 5th.
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Pros
Pro Ten day format strikes a good balance between urgency and low stress
The single-weekend format of most jams can be daunting to the beginner, but on the other hand a short deadline is a great motivator. InsanityJam allows two full weekends for development, plus the week between them.
Pro Randomly assigned game ideas help break creative boundaries
The theme of InsanityJam is that every game is based on an individually-generated random idea. This takes focus off whether or not the idea is any good, bypassing a lot of potential hesitation. It can also help get participants out of their creative comfort zones.
Pro Most popular game jam of all them
Pro Long history and strong community
Ludum Dare has been running since 2002, with tens of thousands of entrants at every level of proficiency. As an industry-wide event, participation carries a sense of being part of something, and there's no shortage of interest or discussion online.
Pro Other people actually play your game
Pro A lot of mini jams
The main Ludum Dare event happens once in a year, but throughout the year, a lot of Mini LDs are held. Since I don't expect any great results at the main LD, which has countless participants including pros, I only do mini LDs. That's a lot of fun, because the community is large and people actually play your game in the events.
Pro Theme Voting == FUN
The fact that everybody gets to VOTE for an entire week to generate a shortlist and final theme which is announced in real-time to great fanfare is half the fun. It draws you in, gives you ideas beforehand, and generates a conversation online in the days leading up to each wonderful #LD48.
It is like a drum roll that gets you excited.
Pro Chance to see developers writing code
Multiple developer have set up streams allowing people to follow development process in real time. There's a public directory on Twitch with Ludum Dare streams.
Cons
Con Theme can be too specific
The themes can be too specific, which can limit the creative game ideas.
Con The company of giants can be daunting
With regular entries from industry celebrities, a beginner has no reason to expect much attention, much less placement in the competition.