I chanced upon the show when Reality Blurred mentioned it.
Tried the first episode of the first season and got hooked. My wifey and I absolutely love the show because it's so goddamn funny. You're right, it really takes an open mind to watch and appreciate the show.
The first season only had like 8 contestants, I think. The producers obviously didn't know if their formula will work. But it actually did! For those who haven't seen it yet, or tried it, it's a mix of Project Runway and America's Next Top Model only with drag queens.