This show is actually not that bad. But I did actually expect something more original from Spielberg. On Yahoo!, in the statistics section, they said that this show only had a sixth of the viewers from American Idol and So You Think You Can Dance. Because of Hollywood's reputation, not many people are going to be interested in the reality show behind it because all they can do is pick up the nearest tabloid.
However, for aspiring filmmakers or producers or editors, etc... this show actually will help a lot after you look past the drama. Things from terminology to techniques can be reaped from this show.
My prediction is that On The Lot may not have the most viewers, but will have the most loyal.
Anyways, about the show itself, it's not that different from American Idol or SYTYCD. The only things different I could find is that there is no English judge (though Brett Ratner is pretty much the American version of Simon), there are a lot more challenges in one show, and they skipped the audition process (for good reason, who wants to see hours upon hours of seriously crappy videos?) Watch this if you are a drama addict, or is interesting in seeing into the directing business. But don't see it if you're looking for a unique reality talent search show. (oxymoron...)