The person in our school that won it was a NMF, 4th in class, great grades and okay ECs. It is a great scholarship, but not the only good one from IU. The auto merit basically covers full tuition and there is a good honors program. On top of that, there are scholarships for research and working students.
If you have any interest in IUPUI, there honors program is actually a separate Honors College, with special facilities, luxurious honors apartments, etc and has great scholarships as well.