There are two answers to your question;
1) Google will be your friend to find out all about it, the rules etc.
and
2) it is just the same as any gymnastics competition where you have a set sequence to perform and then freestyle.
Teams or individuals are catered for I believe. Essentially it is about precision flying and not so many way out maneuvres which are fairly well defined (limited) by the rules. Which could be good as it puts everyone on the same playing field.
I think your assumption (suggestion) that it could be opened up to some competition or commercial type activities is a good one.