I did this event last year
It was expensive, but a brilliant day out. Although not a race, you are given your placing at the end and a time ( I finished 98th)
I did several sportives last year including (amongst others) the Etape Caledonia and the Northern Rock Cyclone.
Whilst the Cyclone was a good ride, for me, it did not compare to the Etapecaledonia, which effectively felt like a race.
I am not however saying that the cyclone is a bad event as I enjoyed it, indeed my comments praising the event to Peter Harrison are shown on the Cyclone website.
The Etape Caledonia was however the highlight of my cycling year, Nearly 1000 riders - set of in groups of 100 at 2 minute intervals, avearge speed exactly 20 miles an hour, no worries about traffic, i.e. using the whole of the road, it was good fun and a bit of an adrenalin rush
£49 - worth every penny