This weekend I'll be running my second TCS event and I can tell you that its an absolute blast.
If you don't have much experience with RC, then spec / novice might be the best choice, not only from the competition level but also the cost perspective. A TT-0
x chassis with some basic upgrades (e.g. ball bearings, oil filled shocks, etc.) using the kit silver can and speed control can be had
relatively cheaply.
As for GT3, as Ercwhtsd said all of the other classes are extremely competitive. This weekend I will be running both GT3 and Mini and I fully expect to get lapped multiple times.
To give you an idea how competitive, here are a couple videos from last years event (fun fact - the videos are actually from Ercwhtsd's great facility!)
In any case, as Ercwhtsd said, stop by your track and talk to the local racers. You'll find many people are happy to welcome newcomers and share info. And feel free to post/PM any questions you have.
And one more thing....if anyone tells you Mini is a cheap/affordable class to get in to, THEY'RE LYING!!!!