Rather too earnest in tone.
In terms of format, Numbnuts has it exactly. It neeeds to be more Top Gear. To add to his point, it is too like the 'old' Top Gear, with Sue Barker (sp?) and Beardie Bloke (sp?) being earnest about attractive little French saloon cars with surprisingly large boots for their wheelbase.
Ultimately, I think that cycling as a hobby/sport is so diverse and somehow so completely the opposite of anything that translates well to broadcast media that the show will only ever be a sideshow and an historic point of reference: "Look what happened when they tried that on the telly".
The highest it can realistically aspire to in terms of quality is Curate's Egg Status - and at present it falls short even of that.
My three children and I all ride and my wife is an occasional rider and frequent amused observer. None of us finds the show at all engaging.
I think it might hit the mark with that breed of Twenty-five-to-Thirty-five, New-to-Bikes, High-Disposable-Income, I'm-Really-Loving-my-Newest-Hobby, My-Wheels-weigh-840-grammes, Who-is-Miguel-Indurain, Look-at-my-Carbon Cyclist... But that is a limited cross-section.
Maybe attractive to advertisers... but in a limited way.