I listen to an electrical engineering pod cast called The Amp Hour (theamphour.com).
They have discussed this "Top Engineer" a few times beginning in September when it was called "NerdKing". They talk about their experiences with the producers. They also had Joe Grand (kingpin/lopht fame) on and he talked about his experiences with the Prototype This show.
Anyone seriously thinking about entering should give episodes #60, #62 and #82 a listen. Additionally check out Joe Grand's block about his experiences with the TV industry.
It basically sounds like they are looking for stereotype 'nerds' to dance for the camera and not too interested in your abilities.