"The detailed rules and prize amount will be forthcoming in late 2008. No deadline rule has yet to be set but the Spaceflight Liability and Immunity Act expires July 1, 2013 unless extended by the Virginia state legislature."
http://www.v-prize.com/
See the video

"In 2004, SpaceShipOne, developed by Scaled Composites in California’s Mojave Desert, won the competition and the $10-million prize. It succeeded in carrying a man to an altitude of more than 100 kilometers twice within two weeks. However, the type of vehicle used in this case, was designed to land on the site where it took off. “Transporting passengers point-to-point via suborbital spaceflight is the next logical step,” said Seals.

The types of aircraft capable of crossing the Atlantic in less than one hour will have rocket engines. Their average speed will be greater than 6,000 km/h and their maximum speed will reach Mach 15 or even Mach 20."
http://www.thespacereview.com/article/940/1