photocrazed,
Yup, my understanding is that the Feb 1 weigh-in date is your starting weight, and the other 4 dates are to see what we can lose on those dates. So, my starting weight will be about 126 or so... which means my goal for the 8th would be 124, the 15th would be 122, etc.
I did the January challenge and really enjoyed it... it was my first, and it helps me stay focussed!