Now that 'Project Runway' has officially found a new home over at Lifetime, there's plenty of space for something fabulous and stylish on the network that originated reality competition shows.

Enter 'The Fashion Show,' Bravo's new showcase for up-and-coming fashion designers to get their big break (premieres Thursday, May 7 at 10PM ET). Designer and personality extraordinaire Isaac Mizrahi takes the helm, with co-hosts Kelly Rowland of Destiny's Child fame and Fern Mallis, who started Mercedes-Benz Fashion Week, rounding things out.

So how will the show set itself apart? Is it gonna be better than 'Runway'? And will Mr. Mizrahi be wearing any undergarments (as he so famously asked celebs at the Golden Globes in 2006)? AOL TV got Mizrahi to dish and you don't want to miss what he told us ... and showed us. -- By Maggie Furlong