Question: Is there any etiquette surrounding the level of play expected in an event like this?
Having played MBAA for less than three months, and really fighting games in general for probably less than six total, would it even be worth registering for the tournament? I am interested in attending, but it would be my first proper event and I have no idea about these things. Is having cannon fodder for the first rounds a good thing, or is quality valued enough over quantity that someone like myself should not waste the time needed for the matches?
Every person who enters a tournament contributes to the game's community. Even if a tourney is free-entry, having more players is always better. A game starts to die when the only people who enter at tournaments are good players.
In addition, tournament matches are always a great experience, and I encourage you to play as many as you can. The fact that there's something on the line makes them completely different from casual matches. When you lose, you experience the fighting style of a better player, and you can learn a lot from it that you'd never have learned on your own. And you remember it a lot better because there was something on the line. When you win, the feeling is fantastic.
One more thing: make sure you play as many casuals as possible, too! Doesn't matter how much experience you have, or how good the other players are: go up to a casual station and ask if you can play next. First time I went to the US for a tournament, I didn't play any casuals 'cause I thought I was too scrubby and would waste the other players' time. I
really regretted that afterwards, so don't make the same mistake I did!