Yeah, they move you to the front of the waitlist (which means you'll get in) and waive your tuition in exchange for a written promise that you'll practice one of several primary care fields in a rural area. Family practice, internal medicine, psych, OB/GYN, pediatrics, geriatrics, and maybe a couple others I'm forgetting will be your only specialty choices. I believe general surgery and emergency medicine qualify under certain circumstances, also. They will pressure the hell out of you to pursue family practice, but that really doesn't matter. They can't force you into anything other than the specialties you contractually limited yourself to. I don't recall how long the practice obligation is, but I think it's either 3 or 5 years.
The punishment for breaching the contract is being assessed double the tuition you otherwise would've owed plus all compounded interest that would have accrued and a permanent block of your Arkansas medical licensure. The "fine" isn't so bad - hell, it's my normal tuition - but the administrative black mark is probably crippling to your ability to practice elsewhere.