No, I do not think I'm going to run it. I am actually a very cheap sucker that picks and chooses where to drop $20 pretty discriminantly.
However, I do think it totally sucks that thousands train for the marathon (many not making it to the race, mind you), but when you mention a mile race, they give you this crazed stare like "what the F- are you talking about??!! I couldn't race a mile!"
Regardless, the race is a good one (always well organizied) and I highly recommend it. You do get a good start for the first 200 (downgrade), and thereafter is a very slight downhill or flat. I do not know how many (looks like they're stepping up the PR a little this year), but in years past the numbers have never been high. It has had a feel more like a track race than road race (in terms of numbers). Just about everyone (save young 'uns and the very experienced) is under 5:30 ability... unfortunately, that doesn't seem to be many these days.