Question:
Rob,
I love the show. My wife and I watch it, and laugh and laugh. Seeing true rottenness is one of life's great pleasures, and watching Clint and Stacy rip their subjects apart is hilarious.
Along with the big laughs, we have picked up useful wardrobe tips. Apart from fragrances, I don't follow fashion trends very much, nor does my wife, but we both dress reasonably well, and part of the fun is finding out that we're not too clueless, yet we get an idea or two to get something nice.
Fragrance aside, the only real interest I have in fashion is that I'd like to start an Anti-Bangs campaign.
I, too, was wondering why they don't feature men. Men often have amazing lack of fashion sense, partially because fashion is entirely unmanly, of course. I would guess that because men's fashion is much more limited, the show would be boring.
I hope to see the English version sometime. Thanks for bringing up one of my favorite shows!

Answer:
I've seen some sort of a celebrity look-alike makeover flipping through the channels now and again. But as to "what not to wear" ... hmmm, playfield's wide open. Just one cliche to keep in mind:
"Fashion should be a statement, not a question."
Oh, i guess i have one "don't" for the gents after all, courtesy of something i just read: "The only guy who could get away with wearing sandals and a suit was Jesus."

Answer:
I've only seen the UK version with Trinny and Susannah. They aren't 100% foolproof but they have a lot of good suggestions and the women they make over tend to look a lot better in almost all cases.
However, they've moved on to do a different show now so What Not to Wear is now hosted by Mica Paris (an 80s R&B singer) and Lisa Butcher (a former UK model and Elle model contest winner who hosted Britain's Next Top Model for one season and was let go for being too dull). Haven't seen it with them.
I prefer 10 Years Younger and Extreme Makeover, really...surgery and all.
Of course, you chaps all have Queer Eye for the Straight Guy :P