Is this better or worse than the apps stores? Or similar?
For the app store, developers write code without being paid and compete with each other. The corporate entity behind the competition doesn't pay the losers and takes a cut from the winners and the winners rarely make $100k/year and have no job security because the corporate entity can change the rules arbitrarily.
Or to put it another way, a tournament of 100 developers competing for five $100k/year jobs provides each developer with an expected value of $5k/year/eight_hours. That's an expected value of $612.50/hour. In terms of the App store that's like writing another FlappyBird.
Like I said, the main difference here is the lack of PR polish and the nakedness of the value proposition.