I haven't been there, but it is highly regarded and they get a lot of agents/editors.
I was a finalist in their contest one year, and judged it for a couple of years. It's a good contest and if you plan on going to the conference, the perks of winning are pretty nice (when I was a finalist, I think the winning and/or finaling manuscripts or entries was available to the editors/agents over the course of the conference, and there was a reception for the winners/finalists with the agents and editors.) But it's been a few years since I was a finalist, and that could have changed. of course, living in PA, I couldn't get there that year, so didn't get to take full advantage of the perks.