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Here's another article with details about the races themselves. I was concerned that it would end up being a time trial style of race with planes going individually and competing for times, much like slalom skiing in the Olympics. But according to this article it'll be at least 4 planes at the same time to start, with an additional 6 joining the next year. Sounds awesome!

... Diamandis said the first rocket races, currently slated for October 2006, are expected to see four X-Racer planes compete alongside one another, with the full 10-plane group to follow in 2007. While the initial set of racers will be built for the league, officials are actively searching for interested sponsors, teams and pilots, he added.

Like the EZ-Rocket, the prototype X-Racer features two, 400-pound thrust rocket engines fueled by liquid oxygen and alcohol. A belly-mounted fuel tank carries just under three minutes’ worth of fuel and allows a top speed of about 218 miles an hour (190 knots), said former shuttle astronaut Rick Searfoss, who serves as chief pilot for both XCOR and the Rocket Racing League.

But the first full-up races are expected to see at least four X-Racer planes compete, each equipped with a single 1,800-pound thrust engine fueled by liquid oxygen and kerosene.

The liquid oxygen/kerosene fuel mix is expected to have a burn time of about four minutes, which would force pilots to repeatedly shut down their engines and glide, then restart as needed to surpass opponents, explained Searfoss, who will demonstrate the method during the upcoming prototype demonstration.

Onboard heads-up displays are also expected to project each pilot’s “flight tunnel” or lane in order to stay on course, league officials added.

Because of their fuel type, X-Racers should also generate a 20-foot flame easily visible from the ground, which will be vital for spectators, Diamandis said.