YOu should jump in if you are making good progress. I think it is more about the quality of your transformation than being the most ripped up or anything. I imagine someone dropping 30-40 lbs even if not shredded would still be in the running in a transformation contest. Not the same as a physique contest where it is the physique that is judged instead of the transformation. Give it a go.
Everyone is looking at the $99 like it is steep but really, how much would you pay someone to truly motivate you, give you twice the amount of discipline you normally have, and inspire you do do that exra rep or run that extra 5 minutes, and to have them do that for 3 months. WAY MORE THAN 99 bones!!!!! This contest will provide all of those to you, and teach you how to rely on yourself for that motivation. You learn a lot more about yourself when pushing yourself through something hard like this and just coming out on the other end knowing you did your best and look much better is winning in it's own.
I WISH I could do this contest. I have done one bodybuilding competition so I am out. However I am having a shoulder surgery in the first week of the contest so that takes the advantage of having been in a competition away. Anybody wanna make an exception to keep a broken down lifter some motivation...