Maybe review is an overstatement. People who love to sew and make clothes will watch this show no matter what. After seeing two episodes, I would say the show (1) has a very business bent, which is fine for me, (2) encourages the designers to work together more, which is probably more like real life, and (3) I like a lot of what the designers make.
My primary critique is that it seems to lack any recognizable depth or other relatable human element. Isaac Mizrahi made the "genius fashion designer" more accessible as the subject of the 90's documentary Unzipped, was incredibly sweet and likable with his own talk show a few years back (was that on the Style channel or E!?), and showed the everyday woman how strong his connection was to her with his made-for-Target line of women's clothing. I don't understand why so little of that charm and magic makes it to The Fashion Show as a whole.
It should be said that I will keep watching anyway. :)
So, back to the magic of Isaac -- I stumbled across this video of Isaac creating a couture dress out of USA Today newspapers and want to share in case you haven't seen it: