Blizzard has announced the opening of the live Tournament Realm, which pits players behind pre-made toons in 3v3 bracket arena matches. For $20 you register your account through the Registration page and are granted access to the Tournament Realm via a specialized client (much like the Public Test Realm client). On this isolated server you can create an instant level 70, of any race, class, or gender... and here's the gem. Access to every enchant, gem, and piece of gear in the game to use at your disposal. Money is infinite, so you can respec all you need to, and buy all the gear you need right off the bat.
Gear Available
Gear scaling is limited to a maximum of season 2 level gear (or tier 5, your choice) and you can mix and match however you wish without having to snore your way through old PVE content. Basically, this will be a min/max hardcore arena player's dream.
Tournament Structure
The tournament is sanctioned over a six week period, in which the first two weeks are dedicated just to a warm-up/practice period. Matches don't matter at this point, but ratings will still work as normal to retain arena simulation. There will be multiple qualifier rounds over time, and the top teams (Blizzard has not designated the threshold that determines a "top" team) will be qualified to advance to the regional finals. Supposedly the top teams from the regionals will then advance on to the world finals, and compete with other top teams all over the world.
Prizes
World finals prizes will include a grand prize of $75,000 presented to the winning team, $30,000 to 2nd place, and $15,000 to 3rd. Regional prizes will also amount to $15,000, $6,000, and $3,000 respectively. 5th through 8th will still take home a modest $600.
Live Stats
According to Blizzard, all toons created on the tournament realm will have active Armory profiles and stats monitored as the tournament persists. A specialized forum will be available also, but restricted only to registered members for use.
Other Info
Mobs and dungeons are disabled on the tournament realm, and most NPCs will be reserved for general loot access and money generation. Basically it's all arena, (or duels), all the time.
For more information and detailed answers to some regular questions check out the page set aside for registration and information on the official
Blizzard World Tournament FAQ page
Good luck, and have fun!