Cool I guess? Meanwhile I hit 40 yesterday and I'm out. Personally, I did not much enjoy the experience. But I guess at the end of the day, I've had worse grinds than this in WoW (or whatever you want to call it).
Personally, I don't like that you can get eliminated right from the get-go. I'd have included a 60 to 120 second grace period at the start where players can't deal damage to each other so that everyone has a chance to get 1-2 level ups first.
Makes me glad I grinded to Renown 40 last week.