Wow, very cool everyone. Keep 'em coming!
I like the special effects, but I'm kind of surprised nobody has taken the tract of just making an improved traditional photo. If I can post about my own photo, here's what I did along those lines:
Original, out of camera:
After post processing:
Step 1. I started off thinking the whole thing was kind of overexposed and undersaturated. So I used Adobe Camera Raw to make some global changes to contrast and saturation. I also selectively boosted the saturation in the magenta range to make her raincoat and umbrella pop.
Step 2. This made the background way too saturated and contrasty, though, so I brought it into Photoshop and created curves and hue/saturation adjustment layer masks using the lasso tool and paintbrushes. These I used to desaturate and darken the background.
Step 3. I then wanted her purple umbrella to stand out a little more, so I created another hue/saturation layer mask to tweak that.
Step 4. Next, I thought her face was a little dark, thanks to being under the umbrella. So I created a final curves adjustment layer mask and brightened it a bit.
Step 5. Finally, I used the clone stamp tool to clone out the little bit of metal at the top left of the umbrella, because I found it distracting.
But like I said, I like the other special effects showing up here too. I also really like the crop in tzimmerman's entry. If I were to do it over again I'd do a similar one.