They're still there - show a little faith
Yeti, I get where you are coming from, competing for the first time is daunting and it does seem expensive.
On the cost front, first you've got to consider it's a weekend of fun, bring the family or come with a bunch of mates, it's a weekend of good food, plenty of beer and hanging out with some great people. we're not a bunch of anoraks in a field, there's some real characters about
Also the kit list seems massive, but there's plenty you can do without. People will generally lend you stuff that you might be missing and most people will help you out any way they can.
On the daunting side, it's simple - don't be. There's a varying range of abilities and experience. I only started smoking last year and I was crap in most categories last year. I think I've earned some big lessons and I think my products will be a lot better this year but I don't know until I compete
It's hard to know what the judges are looking for, I think I know but can't be sure. As Toby said, go for a crowd pleaser, but I'd recommend sticking to rubs and sauces out of a bottle until you're more sure of what to do. Even then if it works for you stick with it, many of the big hitters in the US use branded sauces and rubs. We made our own sauce last year and the other competitors loved it, so much so Adie's wife tried to steal it, however the judges said it was like a bolognese sauce
so I think it's easier to go with recognised "BBQ" ingredients.
The main thing to remember is that there are no real egos at the competitions. Some people are more competitive but everyone is friendly and will help you out. Your cooking will definitely improve as a result of competing if you listen to what others tell you. I should know from last year
HTH
Steve