I just saw an episode of it (downloaded), and I thought it was pretty good. However, it's not a show that I'd want to be in the studio audience of (too boring without the added in special effects).
Also, you can tell where segments were edited out (either for time's sake or for content), because people's positions change (like in the 2nd episode when they take certain positions and make a scene out of it).
However, I still like the show. I've only seen the second episode (b/c it finished downloading first), but I look forward to seeing the first episode, and, of course, the third episode this Thursday at 8:30 on channel WB.
If you haven't seen it, give it a shot (particularly to those that are fans of Whose Line), and if you have seen it, what do you think of it?