I agree. Actually, part way in, about when Tim and Heidi got their caraciture sketches (that they were totally snarking on which...rude!) I realized that the only thing I'd paid any attention to so far was the peeing dog (he was a cutie!) and that I couldn't tell you a damned thing about the challenge I realized it wasn't worth the bandwidth to keep watching.
It doesn't just lack urgency or excitement, it lacks any sense of life at all. Even the annoying ones panic about having to sew was boring. I know they all have their own lines and all but I would still think a million dollars would elicit a bit more enthusiasm. Maybe the show just picked a bad crop?
It isn't a lack of personality drama because I felt like Next in Fashion didn't have a lot of that manufactured personality drama and I very much enjoyed it. Those designers seemed happy to be there, excited to show what they can do, enthusiastic about their craft. These ones seem like they don't really want to be there and that makes it a lot less fun to watch.