For all purposes, and from the description, it sounds almost like a normal WordCamp. In their words:
A cross between the looseness of a Barcamp and the structure of a conference.
I, for one, applaud any initiative which tries to bring WordPress users, designers and developers together, no matter which format is chosen. Given the size of the community today and the rate at which it is growing, many more meetups, WordCamps, WP On Tours and other events are sorely needed as nothing replaces meeting people face to face to create ties. Case in point: WP Realm. It would probably have not happened had not its founding members met (and had drinks) at some point.