By the time I publish this post, I guess this update is old news if you -like me- are suscribed to many XNA Community blogs.
The Dream.Build.Play website is being updated and in turn, relevant information is starting to be published. So far you will find information on some sections -like "Home", "About XNA" and "Register"- until the week of February 5th, 2007 when the rest of the information -like "Prizes" and "How to Play"- will be unveiled.
So, what's next? Just direct your browser to the site and start by registering if you want to get in the compo (what I assume you do).
And remember: "... Besides worldwidefame and recognition, you could also win some fantastic prizes!" (just show me the money! show me the money!)