Pretty sure there are 42 spots filled (out of 66 total slots), there will be 3 days per move, and it will be groups of 4, which leads to the top 2 playing a game to decide who moves on to the next round.
Tournament Settings?

Actually, it's groups of four with one person advancing and two games against each opponent (one as white and one as black) being played simultaneously. If it were (1) instead, you'd play one game against each oppent immediately and the second one wouldn't start until the first one is done.
So if you entered the event above, you'd immediately have six games (two against the three opponents in your group of four) start the moment the tournament started.
There's a tournament help file around here that explains some of this stuff (see link). I couldn't find anything on the (1) or (2) but that feature came on line after these files were written. Good luck!
http://support.chess.com/index.php?_m=knowledgebase&_a=view&parentcategoryid=81&pcid=0&nav=0
If you need help, please contact our Help and Support team.
Will someone please explain the tournament columns (e.g. "Upcoming Tornaments")
Players: 42/66 (signed up/maximum ???)
Time Control: 3 days (???)
Format: 4(2)->1 (???)
Call me an idiot, but I've not seen this notation before - haven't played in over 10 years (LOL)
Art