Well, first you have to submit an audition CD of recent recordings - about ten minutes worth. Then you wait to see if you are accepted. I think this year there will be many more applicants so it might be even harder to get in. For the actual competition - the way it was last year and probably similar next year, is that there are three rounds. You play for about 10 minutes in the first round, about 20 minutes in the second round, and 30 minutes in final round. Repertoire can be practically any classical piano music but cannot be repeated in subsequent rounds. Also, you don't have to play by memory - they will supply a page-turner if you need one.
One thing I know for sure is that you cannot be too prepared! The level of playing is extremely high - really I felt some of the competitors were professional-level. But still, I liked the fact that most of the competitors were 'normal' people like me (

) who just happen to play piano well but happened to also make slips or have memory lapses. And only about 12 people go on to the second round (last year the first round had about 55 competitors). I was eliminated after the first round, but I didn't mind because I was so relieved that I had done it in the first place. It was a real big personal challenge to myself - something I just had to do sometime in my life.
So all you have to do now is pick out your pieces and start practicing. I don't think I had a whole year to prepare last time like we do this time so this is a good thing. Let's hope you, me, and anyone else here is ready to play our heart out next May! One more thing - you get to play on a Fazioli, which is so sweet....!