Jumping to the subject of "lies" -- usually, the two panels selected to present their points are both groups of well-informed experts, so people do not usually risk sinking their whole presentation with outright falsehoods (it is too easy to get caught, and once that happens, the audience -- who votes for the winner -- becomes too skeptical to be won back over)
The point that Salty brings up -- half-quotes, omitted info, etc. -- happens all of the time, and a lot of it gets past the audience (the moderator in this case is not a fact-checker,rather, he stricly enforces the time contraints and assigns the designated speakers for each go-around....very different from the free-for-alls that the presidential debates have become) The opposing panel does not have enough alotted timne to spend on both fact checking and their own program. A lot of weight is placed on the quality of the audience, and it is VERY annoying when the "wrong" side wins (read: he who spun the facts more adroitly!)
