This can be approached on so many levels... from a tongue-in-cheek poke at reality tv to a serious role-playing game in which a reality tv show happens to be the backdrop against which stories are told and plotlines played out. What's here is a simple - perhaps even simplistic - set of rules for making it all happen.
Those looking for a serious game set in the context of reality tv might prefer to use elements from another role-playing game to provide the rule mechanics, at least those of character generation and conflict resolution. The system for determining the popularity of your fictional reality tv show, however, is excellent - hang on to it whatever you decide to use for core mechanics.
Many people like to be snooty about reality tv... and then you find that if there's one on an area of interest, you end up watching it anyway - my particular vice is MasterChef, if you must know. But there's a lot of fun to be had for the gamer in the concept whether you are going to play THIS game for laughs or take it a little more seriously.
From the role-playing point of view, there is actually quite a lot of mileage to be had from reality tv as a concept - or at least, as something which might happen during a rather more serious game. For example, I used a 'So You Think You Could Be A Spy' reality tv show in a Spycraft game, with real spies (or at least, characters who were spies) asked to compete in a series of challenges which ended up being a front for a certain foreign power actually trying to recruit spies from amongst the natives of the characters' own country! (Just to make it even stranger, the outline was written on the train home from the auditions for a reality tv show called SpyMaster which I'd entered on a whim!)
Jolly good fun for a one-off joke game, but food for more serious thought as well.