First, I'll point out that I won't be participating, but that is because of a pre-existing schedule conflict. I'll be in Vegas instead on a combination tournament and business trip.
Still, you asked for my opinion:
I played this event in January, and it was a really nice tournament. The entry then was $100, and there was so much excitement about the value that the turnout was larger than expected. It turned out to be a decent overlay, but not as huge as I expected at first.
I think this one will be good too, and I would definitely be playing if I could. Misinformation about format and other particulars about tournaments is unfortunately all too common, and the Gulfport Grand is apparently a good example.
As frustrating as it is, those of you who must travel long distances for this event are pretty much going to have to take a leap of faith if you come down for it. You'll probably find a good deal here, but the lack of a rebuy is certainly a negative (assuming it's even accurate info.)
If you're still on the fence about whether to come or not, I'm probably no help.