it's ok... i watch it because it comes on right after project runway allstars.
it's pretty fast paced.
they start out with 4 designers. they get a mystery material that they have to incorporate into an outfit. they get 2 hours to design the outfit. it doesn't have to be completed, ie - it can be pinned together, although at least some part needs to be sewn, and they only show it on the manequin.
then they knock out 2 people from that competition and the final 2 get another mystery item to create a 3 outfit collection out of. they get 3 professional sewers(?) to help them create the collection. then they do a runway show.
the best part is probably alexa's one liners.