Based on the original Art Battles found here, MTV is jumping on the bandwagon with it's own televised version. The winner of the first competition will be announced on June 11.
This isn't a new concept. I can remember going to a comic con in Pensacola some years ago and participating in a sketch contest. We had a set amount of time to do a sketch and then a winner was named. I don't remember if I won or not. Probably not.
I think this is a good thing as long as the competition is kept healthy. Heck, it would make me improve my chops if I knew I was going head to head with some other artists. It's a fun idea.