I've seen both the MRM show and then I saw the Dairy product show last night.
It's left me feeling like I'm not sure what opinion to make, on one hand I think he's making a good point, but on the other, I think he's just blowing hot air in a lot of cases.
As far as MRM goes, if you look at the kind of products that contain hardly any meat and are MRM, they are exactly the kind of thing you would expect them to be found in. Canned meats and cheap burgers and sausages, that's why they are so cheap! I tend to avoid these because I knew without seeing his show that they weren't going to be great.
However, as I've mentioned before on these forums, I saw a food show ages ago where Jamie Oliver, or Heston Bluemtial, can't remember which Chef it was now, went to a quality Butchers to discuss meat. They made a really good sausages using the best cuts available, then they made one with all the rubbish parts, as far as they could legally go. They then cooked them both up and did a taste test. Both the Chef and members of the public noticed no difference between the rubbish sausage and the good one, they both just tasted like sausage!
The Milk one was kind of disgusting when you saw the pus and bloody bits, but all that gets killed by the pasturisation process, so its hardly anything to worry about. The Cheese Slices with less than 6% cheese in it were quite interesting though!