I think that it's an opportunity you shouldn't let go. Forget the competition part and focus on the chance of personal growth and making new piano friends. Well, mine's just an opinion of course.
Well, guess what? I am entering! Made the decision about three weeks ago (I must be crazy). I wasn't going to say anything until after the first of the year, but oh well, what the heck. All I can say now is that I am currently going over all the music I have ever played and agonizing over which pieces to record for my audition CD. And not only that, but they want to know what pieces competitors will play for each round so I am going a little nuts thinking about all of that too!
And btw - another PS member is also entering the competition, and we have both decided to submit our application at the same time - early January. I will let him reveal himself if he wants to.