I watched, and I loved it. It was so awful that I couldn’t stop watching and loving every minute of it.
The only thing that irritated me to no end was that 10-15 second pause between every “That answer is … true.” Overdramatic. Especially since it looked like the player and the family members were all wondering “wtf, get on with it” after a few seconds, too.
That said, I’d be on that show in a heartbeat. I’m an honest person anyway, and there’s really not much I’d lie about if asked directly. Have I ever had a sexual fantasy about a co-worker? Sure. I honestly doubt there are that many people watching who can honestly answer no.
Have I ever inappropriately touched a co-worker? Nope. Well, I mean, not at work… and not without prior consent… 
The only part I found to be somewhat awkward was the guy who had the “have you ever gone through co-workers personal belongings?” question, with his boss sitting right there. His explanation was pretty good, though, and I’d have to answer yes, too. There are plenty of questions that have negative answers at face value, but are legit with explanation.
I know absolutely nothing about polygraph tests, but I think this is the reason they do the “50 questions beforehand, 21 of those randomly chosen” thing… you’re given the questions before the interview so that nothing comes as a big shock or surprise. Just tell the truth, and you should be comfortable with it – after all, that’s the point of the show, right?
I think they prey on the people who are SO confident that they can breeze through and just answer honestly without looking back… then get uncomfortable and walk after things get sticky.
I watched this show with my SO. The question “do you have a bank account your girlfriend doesn’t know about?” came up and I was like “haha, yes.” He looked at me like “what?” and I had to explain with “well, I do have another checking account from years ago that I never actually closed out… it has about 17 cents in it, if you’re interested.”
I was hoping the guy would pull a fast one and be like “hey, honey, I do have a second account. <back to host> No, I have no accounts my girlfriend doesn’t know about.”