JackHunter,
I have fished the Classic the last three years and will be fishing it again this year. This is a great comp and is as relaxing or as serious as you want to make it. All major prizes are lucky draw so you don't even need to catch a fish to win a prize. They do have prizes for biggest fish (about 6 different species) and a few other categories (most metres, most caught, etc) and these are usually a trophy and smaller prize.
The fishing boundaries are huge - from the overhead powerlines at Russel Island (north boundary) down to to the Pacific highway bridge in the Nerang River (south/west boundary), the Seaway/Pin bar (east boundary).
General rules are all fish over 40cm must be photographed on the official ruler. Fish can only be caught with lures/flies only. You have to record size, lure used, geographical position, etc of all fish caught and submit these sheets at the end of each day.
Fishing time is from 6.30am to 4pm Thurs and Fri, and 6.30am to 12pm Sat.
Points are allocated by size - under 40cm are worth 5 points, legal fish are worth much more (starting at 40 points from memory) with each cm over 40 worth more points. Basically the emphasis is on more medium size fish, rather than a few big fish. You do not get points for species other than Flathead. Teams can be two or three members.
Entry gets you a tournament shirt, bag of sponsors product, dinner for Wed-Fri and lunch on Sat. So you basically get the full value of the entry fee back in product and food.
Hope this gives you the info you are hoping for. If you have specific questions, they can be answered here. This is a fun comp and a great way to meet fellow anglers.
Hope to see you at the Classic (Oct 4-7) - make sure you come and say g'day if you do come along.
Marty