Get out and try it! I had never watched any race period and after riding for about 3 months a friend of mine pushed *forced* me to try this race. I'm hooked now, the rush you get is amazing. How ever you thought you rode before is totally thrown around in the first few races. I used practically twice as much gas as I normally would for the same distance and pushed myself much harder than I had ever done. Let me tell you
though, its an extreme rush that I havent found doing anything else. Racing will also show you what you need to work on technique wise.
About the bullet proofing, it depends on what your riding in. Here in Arizona all the races "recommend" skidplates and pipe guards. All of our stuff is dez racing with large sharp rocks everywhere.
Just get out and race, you'll enjoy it. Finishing is the only thing you have to worry about first time around. Dont worry about winning anything, if you finish your already ahead of many others who either didnt finish or never attempted it.
Speaking of racing... I cant wait, another race coming up on Saturday. 28miles of pure h3ll. Its called the Kilauea Krusher for a reason, it tends to crush everything thrown at it. :D