Dawn, the hills aren't bad at all. I ran the half last year and it was a fun race. The course has some definitely interesting landscapes to run through: a mix of downtown streets (love running down Beale Street!), a riverfront boulevard, historic neighborhoods with neat older homes, pretty parks, etc. Do I sound like the chamber of commerce?

The only two hills I really remember are coming up from the riverfront on to Beale Street (in the first 2 or 3 miles of the race) and a hill that you climb up as you leave the downtown area and head on to North Parkway (maybe around mile 5 or so?), a beautiful boulevard with lovely homes that takes you by Rhodes College.
I do live in the greater Memphis area and the hills on the course are certainly doable, sort of the gentle, rolling type for the most part. Now, the hills in Nashville...that's a whole other story!