It's a regular championship in the sense that the teams are divided into conferences/divisions and each team has to play loads of games against each other (at least 18 matches + play-offs).
It's similar to the CL in the sense that it's international and only the best teams of each country qualify, which means that, considering the scope of this thing (10-15+ countries, 30 teams), this might turn out to be the most epic hax tournament EVAR.
The teams are going to be seeded based on geography (Spanish teams in the same group with other Southern European clubs, Russian teams with Eastern European ones and so on), so ping shouldn't be a major problem.
IHL is going to start after a week or two and it's going to run through April/May and also June (if you qualify for the play-offs), so this is probably also a nice way of continuing competitive haxing after the end of S3.
More info: http://ruhaxball.org/?p=2090&lang=en
P.S. no naabs pls