I've seen it a couple of times. I was hoping for more "how to" than over dramatized competition.
I'm not much of a blacksmith, I haven't fired up the forge in a few years, but there is something ethereal or perhaps even spiritual about the way the fire dances in the forge, the sound of the air hissing through the coal pile, the smell of the coal smoke, making steel bend to your will, blacksmithing is indeed an ancient skill that helped shape the world. A King's quest was carried out with swords forged by a blacksmith's hands, then those same hands forged the swords into plows to turn the land under.
The shop the show is filmed in has several three burner gas forges. A one burner gas forge roars like a jet engine on take off and I can't imagine the sound all those forges make. It would be deafening. There was an antique trip hammer, a hydraulic press/hammer and I think there was a modern compressed air hammer (which I coveted mightily). The belt grinders were unreal and the walls were lined with extra belts. There weren't many tongs though.
If you recall a couple of the blade makers had trouble with their blades cracking. I have to wonder of that isn't from the powerful forge heating up the steel too fast. Same as if you cool steel too fast.
I had to laugh when a couple of smiths broke the handle off their billets. Too hot just to reach down and pick the billet up but you have to stop yourself from doing it (yes. I've burnt my fingers). They forge welded a stack made of 7 pieces of steel and folded it once but I think they called it 21 layers. I don't know how they came up with 21, it would be 7, 14, 28, 56 etc etc. One of the blades had a nice pattern to the steel, but as far as I know to get a pattern you need to use at least two different kinds of steel to see the pattern. A billet made all of the same steel, no matter how many times it was folded, should all look the same unless the smith allowed slag to form between the layers which weakens the steel dramatically.
Anyway, I've only seen two episodes and I plan on watching them all, even if it is over dramatized. There are tons of you tube videos on blacksmithing. Check out Centaur Forge for blacksmithing equipment. Pricey stuff but you get what you pay for. I made my first forge from an old truck brake drum with a small bathroom exhaust fan for air. My second forge I got from Shovelbuck. I have used it some but not enough. I've got just under 23 months until I retire then it is steel beating time!