I watch it and tend to get a kick out of it. I suppose I was more likely to watch it in the first place because it was Vegas themed.
The houses seem a bit staged, for sure, but I read a few articles where they claim it is pretty legit. A newspaper interviewed Scott and Amie and they said that the worst of the worst make it on the show.
There was an episode where they were renovating a condo-type unit, and couldn't get a buyer, so they instead did a rent-to-own arrangement. I checked the Clark County records (since the house numbers and general location were visible in that episode), and found that the eventual sales price was nowhere near what the show said the "first day offer" was. That property is now owned by a property management company based out east...