Of course raw coding talent & algorithmic skill are paramount, but what's neat about this contest is there is only one keyboard per team, so things like these quickly set teams apart:
* ordering the problems according to difficulty
* architecting a solution before implementing it
* concise, effective, communication
* using brute force when elegance adds time
* knowing your environment like the back of your hand
* ability to thrive under pressure
In my opinion, skills like these translate really well to success in the fast-paced, agile shops that are flourishing in many markets.