This is a one-day programming event which challenges teams, representing different programming languages, to build a web-based application for use by non-profits. The code will be released as open source, giving it life after the day has ended. There will be 5 teams competing. My suspicions say that there will be a Rails team and a CF team in addition to the PHP team.
He includes some of the details of the event - how the teams are set up, the structure of the competition, the panel accompanying the event and, of course, the prizes. If you'd like to help out the team with PHP-related swag or a better team name, let him know!