I was about to open a thread on this but you beat me to it.
I saw the show today for the first time. I have to agree with Cadet here. Some of the singers are really good. I specially liked the guy who sang "tere bin nai jeena", he did an amazing job.
Here is a link with some of the videos from the show.
vidpk - Pakistan Sangeet Icon - Win 1 Rs. 1 crore