All of the equipment rules are here:
http://www.precisionrifleseries.com/prs_rules.pdf
There isn't a repeated CoF. Every match is different, similar to IDPA matches. A fixed CoF is a poor test for an advanced shooter. It's like giving someone math tests that always have the same problems with the same numerical values in them. After a while people just memorize the answers instead of learning how to solve the problems.
The hype is because there is nothing out there that comes close to simulating real life long range shooting like PRS matches do. You have no sighters, you have no wind flags, no shot markers and most of your shots are not from prone, but you will often still have to shoot some targets that are MOA or even sub-MOA. You will often have to shoot off of things to clear vegetation as you would in real life. A stage will have a bunch of targets (always or almost always steal gongs) and you will have a time limit to shoot them all from one or more positions. You don't have enough time to wait for a condition, you need to read the current one and adjust accordingly (average 12 seconds per shot and some of that is lost in movement and position changes). If the match is being held on a range, they will be at even distances mostly. If the match is being held on private land in a field, the targets will all be at odd distances (367, 836, 1165, etc...). You will get one or few shots per target and will have to spot your own shots and correct based on swirl and/or splash (which you don't always see). Most matches have moving targets. Some have loopholes and obstacles at close range that require you to know your trajectory to avoid hitting them.
To succeed at it, you need to have all of your skills honed. You need to be able to shoot from prone, off obstacles, off hand, from your weak side (shoot the rifle left handed if you're right handed). You need to be able to range targets occasionally and be able to read wind from only mirage and vegetation.
