The concept has definitely hit the big time, and no doubt will soon become a recognized Olympic sport.
Go here to shoot for the stars:
Or here to help suppress the Zombie uprising:
The weather is getting warmer, and you were looking for an excuse to go out to the range, and burn some ammo, now weren't you?
There are lots of other such matches out there, and most have in common that there is no prize, beyond bragging rights, for winning. My advice is that the targets are usually harder than they look, and what you think of as a bad target, may turn out to be quite competitive. Most, if not all of these can be shot with a .22, so cost shouldn't be a factor.
Take multiple targets. I usually find that my second target is the best. Take multiple guns, there's a class for everything. Take multiple people, the extra advice you'll get will be invaluable, or at least amusing. Besides it doesn't hurt to have a spotter. I don't know about you, but I have a hard time seeing holes smaller than about 1/2" diameter at extreme distances, like 25 ft any more.