Here's my take:
The format: The format is a solid one, a mix of Wordplay and Hollywood Squares.
I also like the wagering format, and I do think adding the 250 just makes it more interesting.
The set: Pretty decent set. I like the Balderdash sign.
Elaine Boosler: Elaine interacts well with the celebs, and she moves the game along pretty well, all things considering. Yes, her comic material needs polishing, and she did have some odd moments, but overall she did a little better than I expected. Maybe we'll see an improvement as the series moves along.
The celebs: Hopefully we'll see some larger names, but I thought the celebs kept in line and didn't try to dominate or get in the way the game. However, if we got Judy Tenuta, Andy Dick and Fran Drescher in the same room, then we've got major problems
The bonus round: The consensus continues. Yep, it's Whew! revisited, but the Balderdash clues aren't as clever or funny as Whew!
The music: Here's where we lose points. I don't like the music sting played while the contestants lock in a wager, nor the music while the correct answer is being revealed.
Overall: Looking at the show as an average viewer, yes, I think it would be enjoyable enough, if I didn't know of the elements borrowed from other games.
I think we should give the game a couple weeks, but on a scale of 1-10, I give Balderdash....
A SIX. Above average, and for a PAX show, it's decent enough.