They've picked 8 "Pros"- Christian, CM Punk, Carlito, MVP, The Miz, Chris Jericho, R-Truth and Mark Henry, to mentor 8 'Rookies', guys I'd never heard of except for Daniel Bryan, better known as Bryan Danielson. The idea has merit, but I get the feeling it's not going to go the way I'd like to see it.
What I'd like to see is the guys form a partnership with a goal. The winner of a round-robin or some sort of point-getting enterprise ends up with a Title Shot or something. The mentors act as trainers, managers and sometimes tag-team partners, helping their guy through. The teams could feud with each other, the Pros and Rookies could have tension and triumphs. They could even do something like having a Pro vs. a Rookie and the Rookies can't manage a win until one of them breaks out and the win could actually get them over.
Sadly, I don't see them going in that direction. Instead, I see it as a sort of Tough Enough, but with guys who can wrestle. That might work, but I think they'd be better off sticking with real storytelling than with something like that.