I enjoyed the last season of The Rachel Zoe Project. As others have pointed out, the show has lost its focus of styling clients and showcasing fashion in the broader sense. Thank goodness this show included Fashion Week, otherwise there was little fashion to it, outside of Rachel's own wardrobe (and her son's).
Rachel is an interesting celebrity character in her own right. She epitomizes the "California Girl" of the 90's. I think this appeals to the youth demographic as well as middle-aged viewers. I do think that when a person states that she doesn't "feel like herself" unless she is wearing floor-length gold lame, that she has lost touch with reality. Over-the-top isn't the only way to enjoy fashion, as she herself would have agreed. After all, she was once the queen of boho chic.
The show just ran out of steam, and became a little bit ridiculous. Still, I enjoyed it, and the show gave Jeremiah Brent his start.