I had not heard of it till you posted this but as an award winning artist I checked it out.
To be honest I am leery of worldwide contests that have steep non-refundable admission fees. In this case it is $50.00 which is pretty high (average entry fees I pay have been around $20.00).
As an out of area artist there are a lot of additional costs with exhibiting (if even chosen)
Framing
Crating
Shipping
Return Shipping
The above have cost me about $1,200 for each exhibit I have entered with a quality size work. If I attend the opening jack that cost up by another $1,500—$2,500 depending on hotel costs, flights, meals and rental.
Another thing which makes me a bit off on this one is that it is a public popularity vote and the exhibit is scattered all around the city. The home town advantage would could possibly make it difficult for an unknown out of state artist to win any reasonable prize. Also the numbers competing for the prize are staggering- last year there were 1,713 artists competing for just 10 prizes.
Another thing that makes me a bit uneasy is the scattered venues that are non- gallery businesses. I have a good friend whose painting was returned from such an exhibit with a transparent sticky film across it. Her venue was classy restaurant. In this contest the venue chooses the artist so if you refuse a family restaurant then you may not get in at all.
So to me this would not be a good investment of my time and energy.
That being said though- if it was LOCAL to me I think I would be favorable toward entering as the highest expense would be the entry fee. I would not mind rejecting a potentially damaging venue and would consider it more fun than serious business.