It's something new. There is this reality tv show coming up, for candidates to pitch their ideas to a panel of judges, then get funded. The whole process will be aired in national TV several months later.
Reference link: http://v2.myeg.com.my/makethepitch/index.html Should one participate in such programme?
If you've decided to raise funding (instead of bootstrapping), it's certainly a possibility. I think you'll have to factor in if you're willing to appear on television and go through auditions and recordings to get funded, when you can do the same thing by "traditional" ways. What is the added value for you to pitch there? Publicity, at least, but ponder your options.
There have been similar initiatives, notably MSNBC's "Elevator Pitch" series on "Your Business" show and PicthTV . I recommend you see the archive and the youtube videos (MSNBC's pitches) to get a feeling of what might be expected.
Finally, applications close by the 27th of July, hurry up! :)
This depends on how well you think you will come across on tv and the perceptions of other investors and customers about reality tv in your area and industry. Getting funding or at lease positive feedback on your idea is great, but not at the expense of being made a fool.