I watched this last night on Oliveloaf's recommendation, and quite enjoyed it. It's a cooking reality show with self-contained episodes (4 new chefs and 1 winner each episode, vs. a large pool and eliminate one each week).
The way it works is that they have 3 rounds of cooking (each is a course of a meal), and one person is eliminated each round). For each course, they are given an odd combination of ingredients that they have to use in the dish, and the combinations get odder/more difficult in each round. They have 30 minutes for each round, and they serve their dishes to 3 judges, who choose who is to be eliminated.
Ted Allen of Queer Eye fame is the host. A great choice...I really like him and he cares about food. The judges I wasn't as sure about, although I'm not sure if they have the same judges every epsiode or not. Two of them were condescending to the contestants, which I thought was unnecessary.
Overall, though, a good show. Will definitely watch it again.