http://partypoker.com/news/events/jackpot_rules.html

What this basically means is that anytime you hit a straight flush on Party (unless you are unlucky enough to hit it at the exact same time as someone else and your hand began after theirs) you will get paid $700.

This is better than other places since it does not have to be a Royal Flush. Although since it is evidentally still in "beta" they may up the requirement to a Royal Flush after the beta period is over.

Does not appear that there are any NL tables that qualify for this though. Bummer. Can someone who has Party open verify this as I am at work right now?

Also, there is no additional rake at these tables. So, if you are playing limit there is no reason not to play there. Again, that may change after the beta period.