Yeah... I didn't watch too much so maybe it got better. It sounded like Guitar Center on Saturday afternoon in the part that I heard.
When I was actively pursuing my old all improv live loop act, Frippenstein (obviously the name a tip of the hat to Bob Fripp's Frippertronics), I 'produced and recorded' tracks in realtime all the time. It was challenging and, in front of a live audience, occasionally a little scarifying. I also had a built-out band for a while (Drift) that added violin, steel and other guitar, percussion, clarinet and recorder from 3 other improvisers. And that was scary... a lot of the time. Fun. But scary.
I think it's a cool idea. Maybe not the best use of the technicians time, but I would imagine skilled musicians and the non-musically inclined people have a ton of fun all the same. Like "Rock Band" but you create the track, not the other way around.