Couple of chaps from our club (Worcester tri) did it last year. Can't remember too much about what they made of it, but I seem to remember that they really enjoyed it.
I may be up for doing the classic, subject to ever being injury free again!
Malverns make for a pleasant bike ride - not toooooo hilly, but nice views (as if you really give a monkey's chuff about views when you're racing....).
Not an easy first race, but probably one of the nicer ones.