This is old news, it already relaunched in early 2012, maybe February I think.
Chuck's just trying to get some new publicity. The only thing that runs are freerolls
and maybe one $10 or $20NL table. There are qualifiers into a $10K or maybe its a $1K WSOP
2012 event but they need 10 people to run and even the $1 steps don't run, so that shows you the likelihood of the $50 steps running.
On the + side the payouts are fast. But read the terms and conditions on the deposit bonus. If you don't clear it in 60 days they can take away your bonus that you cleared or some other such nonsense. And traffic is low so there's no way you'll be able to clear a $500 for $500 deposit bonus.