Now of course you can find stock and spec work on sites like 99designs—but that isn't real design. Rather, I consider it an affront to the profession. It will give you the same quality of work that outsourcing development to indian or russian kids for $5 an hour would get you.
EDIT: I wonder why I'm being downvoted for this. I know it's unpopular to elevate design, but it makes a huge difference. And after spending 4+ years of our life and $200k at design school to master the craft, I think designer's true worth and skill deserve some recognition.
Design matters. And this applies to the Web, of course, too, just like almost anything else.
Check out the 27-page report about the logo: http://adage.com/images/random/0209/pepsi-arnell021109.pdf
I think spec work such as 99designs is perfectly fine if you are looking for someone to create something pretty. Just like in programming there are some things that are trivial and are easily outsourced. A plain website with static HTML and maybe a contact form? Simple.
But once you start talking about big 'D' design then you have something else all together.