It seems like it could potentially be a good show. They picked the perfect host, as he is funny, yet sophisticated, and charismatic. He also plays the role of an ignorant man very well.
As far as the show, I think it will turn out to be good, but it won't have a very long lifespan. I would expect it to run for 2-3 seasons at the most, as people usually get tired of concepts such as this, and there are only so many questions available that 5th graders would know.