I can't say I'm much of a reality TV person myself, but I think allowing a trans women on a show which is the at the center of Fashion and beauty obsession for women only is a step in the right direction. Any coverage we get that acknowledges us as women can't be a bad thing, it should serve as a positive message and bring understanding of what it is to be transgendered to people who would otherwise think of us as sex fetishes and porn stars.
Having said that however, there is no way she'll win. I don't think America is ready to throw one of us right to the top yet, remember that we have to take baby steps in all things. If she makes it half way through the season I'd consider it a huge success for her and all of us.