I agree with Al, it's a different mindset in that your name is attached to the model for everyone to see. The judges are also (almost always) masters, and are very fair 99% of the time.
I've competed at the MFCA in Valley Forge, PA, Long Island Historical in NY, and the NJHMA show in New Jersey. Although I consider my work to be good, and although I've taken a few awards myself, you will be amazed at the artistry of some of these people. I have never attended a show where I wasn't blown away by the quality of the work. The vast majority, especially in the Advanced and Master's categories, are building on a higher plane. It's truly humbling and inspirational at the same time.
That being said, don't be intimidated, they are, without a doubt, some of the nicest people I've ever met, and almost every show has lectures and tech sessions presented by some master painter or sculptor. Attending an event is very educational, fun, and is almost as enjoyable as actually finishing a figure!!
Jeff