I've walked that route, and to be quite honest, very little of it appeared on the show. Too much of it was done using vehicles, and large chunks were completely omitted. Overall, the show did very little justice to the route, which is actually incredibly scenic and interesting.
On the other hand... if the little bits of the route that WERE seen are enough to encourage others to follow the route... then all well and good!
Bear in mind that the Laugavegur and Skógar trails get very busy, so that the huts are often full and the campgrounds very cramped. There are lots of other trails in Iceland that are just as much fun to follow, and on some of them you feel as though you have the whole trail to yourself. Give me the Lónsöræfi Trail any day, with its lack of markers, no trodden path, glacier crossings, river fords, and all the time knowing that if it all goes wrong, you're completely on your own!