Thoughts on this type of tournmanet structure

[Eman]

Im playing in this tournament this weekend and wanted your thoughts of the structure.
There will 8 tables with 7 players at each table. Total 56.
Its a $150 buyin, no rebuys.
Its like a shootout tourney, where you have to win your table to proceed to the final table of 8 players.
You get T3000 in chips and the blinds are as follows, the levels last only a half hour.
Level 1- 50/100
Level 2 - 100/200
Level 3 - 150/300
Level 4 - 200/400 you play until theres one winner for each table
Final table 300/600, then 400/800, 500/1000, 1000/2000.
Payouts:
FINAL TABLE PAYOUTS FIRST ROUND PAYOUTS
1ST PLACE: 30% RUNNER UP: 1%
2ND PLACE: 15% ( 8 PLAYERS )
3RD PLACE: 12%
4TH PLACE: 10%
5TH PLACE: 9%
6TH PLACE: 8% TOTAL OF 100% OF PRIZE $
7TH PLACE: 5%
8TH PLACE: 3%