Just finished watching and downloading the show, and reading everyone's comments here.
I get the people who complain about it not being fashion-show-y enough, but people - this is far more of a general entertainment show that happens to have a catwalk at its center, than your average fashion show! The models being all smiley and dancy and full of personality is part of what makes VSFS appeal to a far larger general audience than the shows at say, NYFW. The crazy outfits are just plain fun for the most part, and there were only a handful that I really didn't like.
I thought this year's show was great. Fun, lively, a big improvement over last year, and I did actually like most of the outfits and most of the girls (the only ones I really didn't like were Jessica White - gorgeous girl but OMG she cannot walk! and Erin Wasson - waay too skinny for VS, her body just looked horrible). Adriana, Candice, KK, Noemie, and Marija were the real stand-outs for me - loved them.
I wish Ana BB, Doutzen, and Caroline Trentini were there, but aside from that, I thought it was great, and I really really enjoyed it as just an hour of entertainment. I loved the backstage bits - but I wish they'd have made the show into a 90-minute deal instead of 40, so there could have been much more runway, and things didn't feel so rushed. Maybe for next year?