Major points:
- You register for which browser + os combination[0]. Then they randomly order the contestants.
- When you are called, you have 30 minutes.
- The user browses to a particular piece of content that you specify. Then no further user interaction is allowed (like clicking a dialog, downloading a file). [1][2]
- The prize money goes to the first successful exploit. Money differs by browser.
[0] Chrome, Firefox, IE, Adobe Reader in IE, Adobe Flash in IE. Safari on OSX. Fully patched OS.
[1] How does one get to specify the content? What if I have a http header that downloads a file?
[2] I remember back in the day, they used to have a fully no interactive version? Like the user was just on the same wireless network?