I've shot 3 PRS matches so far and they are a lot of fun, challenging and a great learning tool. I get my butt kicked every time, but I come away learning something new. I squadded with a few pro shooters at the LRSE match last month as well as with three guys from the US Army Marksmanship Unit. It was eye opening watching those guys and gals shoot! I come from a military sniping background (20+ years ago) and I have learned more about shooting, marksmanship and ballistics in the last few years shooting PRS and reading/participating in forums than I ever did in the USMC. Shooting prone on a square KD range is nothing like shooting at multiple targets at multiple distances from multiple positions in 90 seconds while holding in switchy winds.
The matches usually have 20 or so stages, with 4 - 8 targets per stage over 2 days. We shot 13 stages on day one at LRSE and 7 the next day. Shooting into cars, from cars, off towers, at moving targets, from or through/into windows, targets from 35 yards to 1,200+ yards, gamble targets, weak-side and even pistol thrown in to boot. Every match has been different and challenging...like someone else already said, it's a strategy and thinking man's game.
Gear wise a decent 1/2 MOA rifle, bipod and rear bag will get you into it. A ballistics weather meter like the Kestrel with Applied Ballistics is a big help and seen carried by almost everyone. Some matches give you all the distances, others make you range your own, so bring a good laser. Prize tables are outstanding and they seem to give away a rifle or several at every match. They sell out fast for sure, but if you're a member of the PRS, you get early registration. But it's not necessary to be a member to shoot.
K&M in Finger is a great range run by a great cadre of shooters and instructors! I shot their inaugural PRS match last August and am shooting the one this yea in May. That range is fantastic! Short walks between stages, top-notch facility with a beautiful course of fire. Definitely check it out if you're in the area!
I recommend doing it if you are even remotely considering it. I jumped in whole-hog and shot a PRS match as my first ever rifle match...no better teacher. Watch vids and look at photos of what guys are using. Styles and tactics are changing, and PRS is leading the way. There are also a bunch of similar regional and local matches with very similar COF that are not part of the PRS. In Ohio we have the Rayners Spring and Fall Sniper Match, the NE Ohio Sniper Challenge at Southington Hunt Club, monthly matches at Rayners and START and Thunder Valley. PA has several matches too.