Anyone know any of the people that run this thing? I think they could really get a lot of good publicity and probably make some cash by shopping this around to some TV networks. I watch some of those cooking shows, like Chopped, where contestants have X amount of time to make some kind of entree based on certain ingredients. This contest sounds like an awfully familiar concept.
A TV show where contestants are given some keywords to create a game in 48 hours, edited down to an hour or 2 would be a really interesting concept. It would also give some indie developers some much needed recognition.
This doesn't just work with games, either. Imagine a show where groups of security researchers are pitted head-to-head to break into a system. I know they already have contests like this, but not in TV show format (that I know of). This might be a harder concept, especially if they would need to create new 0-days to crack these systems.
A lot of times, our best ideas and concepts come out of enormous pressure. I remember hearing a story of a fireman that was going to be engulfed in a large forest fire that invented the concept of controlled burning an area around him to ensure that the flames could not reach him. I really wish I could find a link to the story (If someone could provide one, I would appreciate it - a quick googling did not turn up anything). This is the same concept - I bet we would get a lot of great ideas from a show like this.