All in all, I liked the show a lot.
Cons: My biggest issue, was that the show falls into the trap of extrapolating their microcosm to the world at large, which was a somewhat constant irritation (What the heck is a "Final Table," why should we care, what objective metric gives the judges the right to sit there? In reality, winning the competition makes you the winner of the competition and demonstrates that you're extremely talented. Extrapolating further than that brings false comparisons.). Also, the judging, at times, was somewhat arbitrary with dishes being judged by inexperienced critics, and not following any sort of rubric.
That said, the pros out weigh the cons.
Pros: The competitors were all, quite clearly, very talented. The dishes they created looked lovely, inventive, and delicious. The cattiness (which I absolutely cannot stand) was kept to a minimum, and the teamwork was a pleasure to watch. Most of the judges were very fun to watch as well, being quite knowledgeable and offering insight and tips along with their verdicts.