I have a little secondhand knowledge here because my brother joined the tour this year. As well as from a lot of reading up on their website because I plan on joining in the fall.
As far as sandbagging, they control it by giving you a HDCP based solely on your scores in their tournaments. I guess people could sandbag in their first tourney, but they will also re-flight you as you go based on tourney scores. And, remember, the tournaments are all gross score. The HDCP is only so they can flight you, but after that, you add em all up.
My brothers has enjoyed it so far. The play is pretty slow - he is in the lowest division (Snead) and they have teed off last in all the tourneys he's played - even though they try and keep everybody on a time limit. He played in one major (Bayonet/Blackhorse in May) and they were a lot more strict with keeping pace there. They handed out slow play penalties to a few groups and thus were able to keep the pace up.
And as far as the competition, they have 6 different flights (0-4 HDCP, 4-8, 8-12, 12-16, 16-20 and 20+), so there are decent golfers and crappy golfers. I will say, though, that if your HDCP is 25 or higher, you might have a rough go of it, because the 20+ Snead division is as high as they go.