Project Runway All Stars may not be as good as the original Project Runway but it definitely is able to hold it's own. I would say that the all stars version is more fashion forward. As the designers have had some time to develop their abilities and styles they are better equipped to handle the challenges. The competition feels more fierce and cutting edge.
I love that you get an update on your favourite and most hated designers. It's also a second chance for the designers who got robbed (by Heidi's obvious bias and lack of taste) to prove what they can do and shine.
I do totally agree though that the show is strongly overused for product placement and endorsements which can be distracting but I guess that's everything in life. Still great reality TV.