Yeah, I watched it, at least some of it. It was actually rather entertaining and I got a good laugh. Much of the things they were stating were so out of line with the Biblical evidence and, as some argued, good archaeological methods. For a discussion of the evidence, I point you to Craig Blomberg's response. The part that contained the most meat, though, was the hour long special with Ted Koppel--I was mesmerized by his hair.
It was actually surprising that Discovery had gone out and gotten some credible theologians for the discussion, especially the conservative evangelical Darrel Bock from Dallas Theological Seminary. What was most interesting about the whole discussion was the weaving of modernism and post-modernism-- or, as described on the program, the evidence and the narrative. Throughout the "documentary" Simcha, the filmmaker-- or journalist, he never could decide-- interlaced dramatic scenes depicting the events that they are trying to prove. Here is where the Biblical scholars took issue. The scenes give overwhelming power to the evidence being presented. Whereas, in a modern world one would use evidence to back up the historicity of a story, the postmodern world is using story to give power to the evidence. I find it a very interesting flip.