I love it. As someone who can't play all day let a lone all weekend, the previous contests were totally out of my range (though I missed one while on vacation, don't know what it was like).
This is a much better format, and much more fair. The only shenanigan I can see would be someone trying to drive down their ELO into the basement to get easier matches, but that is not exactly a quick thing to do.
Cudos to PGI for a contest that I expect a lot of people to be excited for.
Edited by 80Bit, 18 April 2013 - 05:57 PM.