Sure, it's OK. Better than Market Warriors, anyway, q.v.
Its a bit more "manipulated" however--which is part of the reason. The competitors are rank amateurs, unlike the embarrassingly bad so-called "pros" of Market Warriors, and so I do think there's some manipulation to help them out. Those "leads" are 90% of the show--even if the "free round" its rare they go outside of them, and its pretty easy to imagine there might be some hinting to the leads that they should play along a little bit, to make some good TV.
That said, I do think the RULES of the game are inherently better. Market Warrior's rules, because they end in an actual public auction, set them up to fail in the current economy. Picked Off's rules have a fairly generous and ideal appraisal done, however, and so that rewards the eye of the picker more than the combination of fate, luck and a broad understanding of market trends which may or may not have changed by the time the item goes to auction, which is how Market Warriors seems to work.
Also (although it doesn't really affect the "honesty" of the appraisals or the pick availability), there clearly are some geographical shennaningans going on in terms of the location of that barn. It seems to move wherever its needed.