I wouldn't say that this show is horrible, but at the same time it's not great either. Frank Caliendo does really great imressions but at the same time you can't make an entire show out of it. And at the same time the show needs a few more characters other than just Frank doing everyone of them.
I do like the idea of pulling some one from the crowd and having them co-host with Frank. I think that could lead to some pretty funny conversations, but at the same time the show isn't a talk show and isn't long enough for anything too indepth.
I think this show has potential but at the same time I doubt that it will make it past the first season due to it's lack of originality (the skit show has been done before and much better before...sorry Frank).