I watched this with the kids last night. It is a 1/2-hr show, so it is too short, and a big chunk of the first episode was setting the scene, introducing the participants, etc. But it was surprisingly good -- the show seems committed to sticking to actual survival problems, and the only way you can get yourself "voted off the island" is to step up and say, "I want out." The only person you have to beat is yourself.
I have to say, doing this with 14-16 yr olds was a stroke of genius. In the age of helicopter parents, these kids have rarely been on their own, and day 1 was clearly overwhelming for some. So while the 1/2 hr format leaves little time to talk about practical survival, the psychological aspects are at the fore. I'm looking forward to seeing the remaining episodes.
My kids loved it, of course.