The festival only overlaps with South By Southwest for one day, Saturday, so it won't have nearly the impact on the annual music industry schmooze-fest as some thought it would. In fact, Todd says that his goal, rather than to thwart SXSW, was to give touring bands a much-needed place to go immediately following it.
Monterrey, Mexico is roughly the same distance as other “next stop on your tour” cities like Dallas, Houston, New Orleans, El Paso, etc.. The idea of the festival is to provide bands with another option during those 3-4 days after SXSW, where they risk playing under attended, money losing shows because a) it’s spring break, b) it’s a Sunday night in Oklahoma City and c) every other band in the world is also trying to play a show on a Sunday night in Oklahoma City!
For attendees, there will be onsite-camping, deals at 3-star hotels in the area, a visual art component and "a reduced cost, no-frills bus service from Austin to Monterrey and back," which, frankly, sounds horrifying.
But nevertheless, be sure to check out Todd P's site for more details, and you should probably start looking for your passport now, because you definitely do not know where it is.