I think that was a mistake for this show. It's going to turn into a popularity contest, and the film making is going to become secondary.
Spielburg should have been on the panel of judges, and the judges should have made the decision.
At the very least, they could have followed RockStar's formula, and had the public vote, but the final decison still be the judges (like it was the band's in RockStar).
I'm afraid we're going to see someone like Jason or Kenny win, because the public will like them as people, and want to root for the under dog, and the really talented film makers will be sent home.
Then, when they make their big movie (if they do), no one will remember them, and no one will come.