Nicholas, 'Deep Drills' was originally created when Vicky at the New Statesman issued an edict to the effect that posting entries on an 'open' site would be considered to be pre-publication, and would disqualify them from the competition.
Although we have no reason to believe that this is the case at the Spectator, you never know, and to be on the safe side, some of us had stopped posting our entries. There's also the point that Martin raises about ineligibility for other competitions.
I don't know whether John intends to move future Spectator threads lock, stock and barrel to 'Deep Drills', or to leave them where they are and use this as an optional extension - you would have to ask him.
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