All this info on boards and kites can be found on the IKA Website here: http://www.internationalkiteboarding.or ... Itemid=282
If you want to compete in International Comps e.g World Cups then you have to use production equipment. The is no Open Fleet anymore in International Races.
Nationally it will be up to the Organizers of the Races. They are being encouraged to keep it Open Class for now so that everyone can enter and compete. That way more will join in at a level were they can learn how to race. When people have the necessary skills to race internationally they will need to get on registered Production Equipment.
Just remember that all Kites prior to 2012 are preregistered already so you don't have to worry about if your 2011 Kites are eligible for Racing.
Now regarding the Olympic thing:
Yes. The trials will decide on which format will be entered, but it will also be decided if kiting can even be entered in the Olympics.