Good news indeed!! Chris, your description is spot on
There's only this 1min timer that makes me wonder though. Of course it allows for quite a dynamic gameplay and turnover, but isn't the main the purpose of such a feature a way for your friends to get back in instead of a complete "stranger" steping in? I dunno.
I must admit such a system would be perfect to fill lobbies for events that already started but are not full (provided enough bots were created in the event setup). Or make it a bit more than a minute... say 1m10sec (roughly the time it takes for an average gamer to complete a full race track). Testing only will tell.