Each comp is looking for something specific and normally they have some general scoring criteria and requirements. It can be extremely subjective and even more so when it is things like 'musicality' or 'costuming' or 'audience participation/response'.
Generally a well rounded competitor is appreciated even though each dancer will normally shine in certain areas (strength, floorwork, fluidity, flexibility, etc). Occasionally there is a dancer that can really nail multiple areas. I have seen dancers also that are growing there technical abilities but really shine with their personality and passion for dance!
If you decide to compete enjoy the experience! If the experience begins to get extremely stressful and you are losing pleasure in it… it might not be the best choice for you at this time. As long as you keep your passion you are doing great planning for it! You can also get great feedback and learn about your strengths and weaknesses, refine technique based on comps.
I know I didn't give you one solid answer but that is because there really isn't one firm answer. It sounds like you might be having some second thoughts… as long as you get out there and live your dream, you can't fail. Regardless of where you place, stepping up on that stage places you in a category of winners. It takes a lot of guts to put yourself out there.