I've watched the first two eps so far. It's better than I thought it would be. Apart from Sophie Monk doing the initial matchups (her voice just grates me, even though she has good banter) it's been ok. The editing is pretty povo as well. The people in there aren't very likeable but there seems to be enough drama brewing after ep 2 to keep me interested. The Irish narrator is pretty good but not as good as the UK guy that does it.
I think where the UK version seems to be a lot better is that more of the characters are either quite likable or quite villainous. The whole Aus cast seem pretty generic to me. Kinda clones of eachother really. Also, no Pommy slang = booo.