I'm one of the guys behind this. I realize it's MIT students only right now (we have a special 1-month term in January with no classes for competitions like this) but if there's enough interest we would love to hold an open tournament in the next few months.
We're also looking at opening our scrimmage server up to the public this month if there are enough people who want the intellectual fulfillment of competing :)
Edit: Created a small mailing list. Feel free to sign up if you want to be updated when we decide to launch an open tournament (towards the end of the month, most likely).