Sometimes its not bad. Like the show where Glenn Hughes was on there as their guest celebrity player.
Mostly, though, its uncomfortably geeky. Sometimes seeing how bad some of the older metal dudes look these days is uncomfortable. There's also a lot dudes on there saying that they're really not advocating Satanism, violence, etc. despite the fact that their songs, shows, merchandise, etc. are full of Satanism, violence, etc. Tom Araya of Slayer is particularly skilled at doing this with a straight face. He smirks a lot but I haven't caught him winking on camera yet. Sort of like a car salesman that you've just caught adding fees back to the price at the last minute.
To me, it's kind of like participating in a reunion conversation with 3 aging metalhead friends who never grew out of it. IMO, That Metal Show will do when nothing else is on.
That's pretty much the impression I get when I watch the show. I think it's cool that there are some dudes talking about metal, but uncomfortably geeky is an excellent way to put it.
Regarding Araya, from what I understand, he's actually a practicing Catholic. It used to be really fashionable to use a lot of Satanic imagery and lyrical content in older metal (and even hard rock), but I think that Glen Benton and some black metal bands from Scandinavia are the only ones who ever took it seriously...and even that may be a stretch.