prima/bet 365 "round" sngs

[invisibleleadsoup]

just noticed these now,basically the deal is this:

round 1 costs $5, there are 10 players, top two go on to round 2

round 2,$25 buyin, top 2 go to round 3, 3rd gets another shot at round 2

round 3,$112.50 buyin,top 4 get into round 4,5th gets entry into round 2

round 4,$275 buyin,top 5 get into round 5

round 5,$550 buyin:
1st- $3000
2nd- $1200
3rd- $800
4th- $500

so whats the story with these?
anyone here play them?
anyone built up through the ranks and won one?
i've never seen these types of tourneys before,though i heard something about a party pyramid thing that sounded similar
what are the advantages/disadvantages of this sort of thing?
etc