Hii... this is so exciting...

Yes, they will announce prizes at the the distribution ceremony of IPhO 2012.

and Regarding cheating, they have mentioned:

Since the students can solve the problems at home, wouldn't it be very easy for them to cheat?

A: Not very easy, because using reference materials is not considered to be a cheating (note that professional physicists can also use reference materials while doing their research). The real cheating would be letting someone smarter than you solve the problem, and then presenting it as your own solution. However, only very few of you have smart enough people nearby. And even if you happen to have such a smart person around, he (or she) has probably high enough ethical norms so he wouldn't solve the problem for you. And even if he'd be willing to do it, would you let it happen? I mean, would you be happy getting the first or second place knowing that you cheated and the others did not? I am sure that the answer is no! So, let us assume that all the participants are nice people and there are no cheaters (there is even no need to mention that such kind of cheating tends to get revealed sooner or later)!

And yes it seems interesting. However, the problems are really.. tough.

and I think we will not be that late.. thanks for the information.

Yup the problems are way tougher than IPHo acc. to me..

may be because you get 1 months of time to solve them

and can see books etc , read many things , ask people for help...

Anyone smarter than me with very low ethical norms ??

can someone please post the questions might be i could help
because i think i dont follow ethics anymore
and basically dont think that getting high ranks by any means is wrong
get it done for yourself then think of others thats the way world works
let the ethics kill themselves

I've created the thread, see there