See
this thread for a discussion of a few different options as well as - as you would expect - a discussion of chips/buttons/plaques/etc. to be used in conjunction with the promotion.
Ultimate answer: yes, it's fun! If I ever run one, I will use the following rules:
- jackpot is awarded every game when the game breaks;
- jackpot is funded with one small blind pulled from each pot that reaches five big blinds;
- players must be present by a certain time to be eligible for the full jackpot (say, within half an hour of start time);
- late players will be eligible for 50% of the jackpot with the remaining 50% rolling over to the next session;
- you do not have to be present at the end of the night to take down the jackpot as long as your hand is still good;
- at least four players must be dealt into the hand.
The last rule could be modified if you want to encourage late three-handed or heads up play, but in my experience, without that rule you can tend to encourage people to play loooooooooooooong head up sessions to crack a high hand they perceive to be vulnerable.