It looks like it could be fun, and the airplanes used in it look nice too.
In Australia, they run a Proto Speed class where "Models must conform to the model size, engine size and relevant minimum line size specifications for the Class II team racer." Control Line Aircraft Modellers of Frankston
has the Australian rules and other information.
In USA, North American Speed Society
has information on their 21 Proto and 1/2A Profile Proto classes, among others. In US usage 1/2A is interpreted as .05 ci engines.
"stwilk" has posted pictures of a variety of American Speed and Team Race events: http://community.webshots.com/user/stwilk