It's just better if I get it to you straight from the horses mouth. Anyway read below about it.
EVO ONLINE

• The Online tournament, run by Galaxy4Gamers, will start on December 11th at 12 noon PST. It should take about 6 hours if you are advancing all the way, unless an unexpected number of people enter.
• The top 8 finals will be held on Dec 18th, consisting of winners from each regional bracket. You should only be fighting people from your region until you make top 8.
• The finals will be live streamed with commentary.
• Only $5 to enter the event, and the 1st place finisher gets an trip to Evo 2011, including airfare, hotel, and tournament fees.
• A special prize will be announced later, and it is something Evo has never given out before. Everyone in the top 8 will get some kind of prize.
• This event is Xbox 360 only, but if successful, a PS3 event will be considered in the future.
• Anyone in the USA or Canada may enter, as long as their home state does not ban them from entry by law.
• Galaxy4Gamers has a lot of rules and regulations, and various checks like IP and Address, to keep people from cheating the system.

By Mr.Wizard
For the first time ever, SRK and EVO proudly present an online event! This is a groundbreaking move for the Evolution Championship Series as we head into the new age. We are teaming up with Galaxy4Gamers to host this massive Xbox Live tournament, and the best part is that we are giving away a free trip to Evo! This includes airfare, accomodations, and entry into the biggest event of the year! Get Hype!

The tournament will take place on December 11, 2010 at 12pm PST. Once the finalists are narrowed down, we will showcase them via live stream on Saturday, December 18th. This broadcast will include commentators and all of the usual trimmings you would expect from an Evo event. Following the tournament finals, Galaxy4Gamers will be running their famous beat-a-pro contest, in which you can test your skills against some of the best players in the world for prizes.

Now is the time to test your might against the world! Calling all Online warriors! This is the fight of the century!

Ironreaver