Yupp, as stated, a joke!
You are right in every point though clanger. Ofcourse it will be very competetive but I beleive a relaxed and happy or "jokeable" approach to everything releases the pressure aībit. Do not take everything TOOO seriously, then you only make it hard for your self. And if you come to the assesment day, thinking that its very hard and competetive, it will probably be as you think.
Or you come relaxed, well prepared and know there are other opportunities in
worst case.
This sheme is indeed fantastic, and so are most pilot educations I beleive! If you canīt have a laugh for some statements and be relaxed but still focused for it, you might put to much pressure in you self, and if you fail, you might get depressed.
Good luck on the preperation,
have a nice one