It's a bit strange that this show was made considering the most fundamental problem with the premise should have been quite obvious to anyone with more than an afternoon in the film production business:
Film production is an extraordinarily slow boring process to many/most of those on the set. Watching a set dressed or reset can literally mean watching paint dry. There might easily be just a few minutes of actual takes in an entire day.
Sure, the DIRECTOR is generally very busy and very rarely never bored.
Post production can be even far more boring. Watching someone editing film is essentially watching someone using a computer. I've actually done both directing and editing at an amateur level (even entering this contest) and while I love editing and can spend countless hours trimming single frames and making subtle cuts, it's not something you want to watch. I spent well over five hundred hours editing the 30 minute film I submitted to the show.
The show apparently figured this out quickly and turned it into another reality squabble fest. That was so trite by the time this was made that it actually made it even exponentially more boring.
The show also had incredibly sophomoric production issues, even extending to poor audio mixing with the host in stage, a VERY well known science by this point.
I suppose with the incredible success of shows like American Idol, it seemed worth the risk of trying this, because you never really know when some strange premise becomes an astonishing success, and reality shows like this are quite inexpensive to create.