I think the production was pretty... OK I guess? They certainly know how to use the LEDs, just about all the images/videos created a good atmosphere for the songs or at least looked extremely good (at least they seem better to me then most backgrounds I've seen in ESC 2011 and 2012 [the only two I've watched until now]), this is only my personal opinion though.
I thought the first song was rather good as well as a few others, two of the songs made me cringe to the point where I muted them though... Personally I liked Japan's song the most out of all of them. I didn't like the way South Korea's song started but I think it got better further on, not to mention that the choreography was extremely good.
Overall I hope they continue this show as it is quite entertaining, not to mention that I'd love to see how the show would look if Japan, or even China or Australia, hosted it. I think it would be rather interesting.
Will there be voting in the future perhaps or will they keep it as it is?
Anyways, Australia was my favorite since I just love that song, it's a great club banger and Havana did a great performance.
China, S. Korea and Sri Lanka were also pretty good. Japan was fully playback not? That was sorta odd with some acts being totally live, some having backing vocals and some being fully playback... I guess without the competitive part it works but if they'll actually make a contest of it they need to have some actual rules there regarding the songs and how they can be performed.
All in all a nice initiative I guess but without any actual climax, but I think it works for Asia since it's so huge and diverse that voting could complicate things I guess.