Unlike the tournament held in season 1, this one will be played in 3vs3 and on a tournament realm. This means that all players will have equal gear and be able to choose any class/race combo that they wish.

The tournaments are set to start in April, with two rounds of online qualifiers for the different regions. There will also be an entry fee, to "ensure that participants are invested in the competition and remain dedicated to it for the duration of the tournament".
The fee for the different regions:
- €15/£12 in Europe
- $20 in North America
- 20,000 won in South Korea
- NT$450 in the regions of Taiwan, Hong Kong, and Macau

The online qualifiers will last for six weeks and during this time, the top four teams (making it a total of eight) with a minimum of 200 games played will qualify for the regional finals to compete for more than $27,000 in cash prizes. Winners from each regional will then be invited to a global championship event to compete for $120,000 in cash prizes, including a $75,000 grand prize.

Each team can have a maximum of six players, although only three will be able to participate in the regional and global finals.

Blizzard have written a nice FAQ about the tournament, however here's a few clips of some of the most important details.

How do these dedicated tournament realms work?
"By signing up for the tournament, players will be granted access to special tournament realms. They will be able to create up to three new level-70 characters of any race and class combination on these realms. There will be special vendors available who will have epic gear for players to choose from for equipping tournament characters. These realms have been created for the sake of the tournament and will not have any PvE instances or Battlegrounds available. Only Arenas will be available at this time."

What epic gear will be available?
"Characters will have access to full sets of Arena armor and weapons, as well as items purchased with Honor such as the PvP trinkets. In addition, a selection of raid epics with the approximate power level of the Arena gear will also be available."

How will each character obtain gear and other commodities?
"Upon entering the world with a new character, nearby NPCs in your starting area will outfit the character with gear, training, class-specific needs such as soul shards and hunter pets, and all the gold you'll need. In fact, everything your character will need to participate in the tournament will be located conveniently in your starting area."

Will there be permanent enchants and gems?
Yes, there will be a large selection of permanent enchants and gems to choose from, including reputation-based head and shoulder enchants.

The full FAQ can be read here.

More details on the tournament, such as a sign-up page, rules and more will be available "soon".

Blizzard press release