The event starts today with pool play at the Queenstown Recreation Ground, with games played right throughout the day to decide which teams go through to the bowl, plate and cup rounds tomorrow.
There are 16 teams lining up, split into four pools of four, with each team playing three games today.
Games are of 7min each half although the final, to be played about 7pm tomorrow night, will be 10min each half.
Counties-Manukau and Auckland clashed in the final last year, with Auckland coming out on top, and these two teams loom as likely candidates again this weekend.
Neither side made the quarterfinals of the Air New Zealand Cup last year but have a impressive history in the sevens game.
Auckland has won the past four tournaments and will be guided off the field by a couple of experienced sevens exponents.
Karl Te Nana is the assistant coach of the Auckland side while Eric Rush is the technical adviser.
Counties-Manukau is coached by former All Black and Counties-Manukau flier Joeli Vidiri.
Counties-Manukau will be looking to rugged forward Fritz Lee and speedsters Tim Nanai-Williams and Sherwin Stowers to lead the way.
Counties-Manukau won a North Island tournament in the Bay of Plenty a couple of weeks ago where all the major North Island teams competed.
But how much can be taken out of that win is debatable.
Auckland has failed to win this warm-up tournament in the past couple of years but has gone on to win the national title.
Auckland is in a tough pool, coming up against Wellington, Canterbury and Otago Country but will be looking to keep the trophy in its cabinet.
Counties-Manukau has to play North Harbour, Northland and Southland.
Other contenders are Bay of Plenty, coached by former sevens specialist Peter Woods, while North Harbour has always had a competitive side.
North Harbour is the only other side to win the tournament in Queenstown, beating Otago in the final of the first tournament in 2004.
Otago has high hopes. It has an experienced side which was good enough to make the semifinals last year.
Otago's first game is against Horowhenua-Kapiti at 11.30am today and it has to play Manawatu and Waikato in its pool.
Otago Country faces a stern challenge in its pool but has been training hard under coach Tim Colling.
Such is the player turnover in New Zealand rugby that it may be hard to pick an individual star.
It will be the sixth time the sevens tournament has been played at Queenstown, and the event is getting bigger by the year.
Co-organiser Richie Anderson said it took upwards of $350,000 to organise and run the tournament.
One of the highlights of the weekend would be the national trophies on display.
The tournament usually has a special guest, but this year the Tri-Nations trophy, Ranfurly Shield and the Bledisloe Cup will be on display for people to get close up to and personal.
It is also hoped the Air New Zealand Cup and Super 14 trophy will be on hand, although they had not arrived late yesterday.
The trophies will be kept in a vault overnight.
The organisers had also hoped to get their hands on the just-won Hillary Shield but it remained in New Zealand Rugby Union offices in Wellington.
It was pouring rain in Queenstown yesterday but is expected to clear today and be fine for the finals tomorrow.
National sevens
Pools
Pool A: Auckland, Canterbury, Wellington, Otago Country.
Pool B: Counties-Manukau, North Harbour, Northland, Southland.
Pool C: Taranaki, Bay of Plenty, Hawkes Bay, West Coast.
Pool D: Otago, Manawatu, Waikato, Horowhenua-Kapiti.
