Blizzard have released an information page about the upcoming Arena tournaments:
The new Arena Tournament Information page is a preview of the upcoming 2008 Arena Tournament for World of Warcraft. Learn how newly-created Tournament characters will quickly transform into fearsome gladiators armed to the teeth, what types of gameplay await you in the Arena Tournament realms, the Tournament season structure, and many more details - including how to register. Visit the Arena Tournament Information Page now for Tournament registration (coming soon), up-to-date information and news on the Tournament, and screenshots of the Tournament realms.
Combatants get to create a player from scratch, instantly level it to 70, pick the weapons and armor, then take their character into the Arena to face other players:
The winning teams from each qualifier will battle in regional live events, culminating in the global finals, which will feature a total prize pool of $120,000—$75,000 of which will go to the grand-prize-winning team!
If you think you’ve got what it takes, check out the Arena info page.
Actually you get to:
“Instantly create up to three new level 70s with full sets of PvP gear”