I think there is a lot of truth in the comments referring to the academic requirements. My interpretation is that the emphasis is only to aid as an initial filter on applications.
If they placed a lot of emphasis on having straight A's or even a degree and they held a lot of weight at the advanced stages of selection; one would think they would specify subjects too. A 1st in Media Studies is not comparable to a 1st in a core dicpline such as Mathematics, Physics or Engineering (that's another debate not approriate here!).
Either way, due to the nature of this scheme, most, if not all, will have a strong academic ability. The selections days certainly put you in your place; think little fish, big pond.
I hope talkpedlar joins this thread in the future, he certainly provided a lot of balanced, useful tips and opinions last year.