Yeah, I figured there was a better source than the big G, but it's just such a good shorthand for, "less than two minutes on a computer." I use it pretty much in that sense at work all the time-- when you do used books, you realize just how many old encyclopedia sets there are in the world. Telling customers, "They became obsolete with the word Google" usually helps them understand why I'm not taking their 1975 Americana edition . . .
   What really struck me was the time factor, not necessarily the choice of names-- though that was not very bright. Really, how much time did the shows organizers spend screening, interviewing, networking with the agents of the better known musicians . . you get the point. To jeopardize hours and hours of work, especially for the part of the project that's going to get all the attention and marketing; dumb, just fucking dumb. So dumb it would have been rejected from the Spinal Tap script for being too unbelievable. (OK, maybe not.)
   The other thing that struck my fancy was just how hard it must be to actually find a good name for a band these days, and how much harder it's going to be ten years from now. The 70s alone likely took the majority of the The ___  names: The Slits, The Police, The Fags, The Eagles, etc. Add in other simple names like Television, Talking Heads, Steely Dan*, Blondie (Hitler's dog!), Black Flag, Iron Maiden and Judas Priest and Black Sabbath, and on and on. Hearing a band name like Under The Influence Of Giants made me realize, after my initial reaction, "gee, that's kind of dumb", that the chances of pulling anything better out of my head was pretty slim. Not that it let's these bozos off the hook, though :)
   *I haven't read them, but the novels of William Burroughs may be fertile territory for aspiring bands. When Fagen and Becker chose that name, they were afraid that it was passe, though anything they say should be taken with a fair pinch of salt. Thirty-plus years later, though, and it's still a damn sly band name.

Ex ignorantia ad sapientiam; e luce ad tenebras

Your definitions of the band's talent is spot-on; Newsted's the only real talent there and one has to wonder how the fuck he got snookered into this deal. Perhaps his stint in Voivod just wasn't paying the bills.
I caught several episodes early on and then missed the middle shows, only to tune back in and catch the last couple at the end. I dislike most of these musical/singing talent type shows, as they're generally so contrived and obviously manipulated that it makes me want to run from the room screaming. Why it is that I can watch this show - which falls prey to much of those situational annoyances previously listed - and not others of their ilk (hello American Idol, you big, stinking piece o' crap!) is beyond my ability to grasp. I think the real draw  for me is to see which songs the artists are going to cover, and how well they do at interpreting them.
Judging strictly by their performances on the covers, I'd have to give Dilana the biggest props. She did well at making alot of those covers sound like they were her songs all along. I thought Magni also did well with the covers. While he didn't really reinterpret or inject much of his inner self into the songs, he did do 'em with a ton of energy and enthusiasm.
These two were the only ones that I was impressed with. Lukas can't sing worth a damn, frankly, and I suspect that he was chosen more for his apparent good buddy relationship with Tommy Lee and for his youthful appearance, rather than talent.
I though that Magni would've made the best choice, as he's got lotsa energy and that middle-of-the-road stadium rock voice of his is almost perfectly suited to mid-tempo arena power-rock, much like Dave Grohl or that asshole from Nickelback. Plus, he's a pretty good guitarist, though that seemed to work against him in the end. Go figure.
I suspect that despite whatever moniker the band comes up with, they're gonna be a poor draw on the concert circuit after a few months when the novelty factor wears off. Dilana has a shot at some staying power if she can do an album that suits her voice - something bloozy/rawky in the vein of the Black Crows...

Somewhere in my soul, there's always Rock -n- Roll... Joe Strummer

Jason Newsted is a fantastic talent.  Anyone who has ever seen him in Metallica can attest that he is a professional who bleeds heavy music.

The guy can play, no doubt about it, but listening to him critique the performances, it's clear he's also a fantastically pompous dweeb. My wife nailed it: he's like the high school choir director who says "we HAVE to make it to regional finals, and you guys [shakes fingerless-gloved fist in air] just AREN'T TRYING HARD ENOUGH!!" Tommy and Gilby seem like they'd be fun to hang with (Rossi will probably be a diva, but that's required of pop rockstar singers anyway), but if I had to spend a month on a tour bus with Newsted, I think I might commit my first homocide.