The swim is tidal and whilst they try to set you off at the best possible time for the tide, the slower you are, the more the tide will work against you. If you are a properly weak swimmer then it would be challenging (and they were strictly enforcing a 1 hour swim cut-off this year) but if you are merely OK, like me, then you should be fine, if not in the top quartile! It meant a 3am alarm call last year for a 5.15am swim start!
The bike and run are pretty flat, no hills to speak of really, one small bump about about 20miles in to the ride, and another about 100m long as you come into T2 and that's it from memory. Total ascent over the bike course of 200ft! Nothing.
The run is fine, a mix of roads and shaded woodland trail, really little to worry about.
The race is rightly growing in popularity, but it wont sell out immediately - you can monitor acceptances on the site I think, and even when they are sold out its worth putting your name on the waiting list as people drop out.
I would have thought it would be an excellent trial run for Outlaw if as I'm told the Outlaw is a pretty flat bike course?
Do it!