What other people have said is pretty much spot on, particularly the review by 'bunny'. I would like to clarify a few things.
The CDs cover fairly thoroughly 'basic' italian for a few verbs. Some might say a bit too thoroughly and repetitive. He covers dovere, mangiare, stare, essere, fare, potere, andare etc. Imho it's a what I would call longish 'basic' course. The method is teaching two people Italian. Now supposedly these people don't know anything about Italian, but I'm not completely convinced. I think that they have hired out an actor and actress with very clear speech and particular accents and been told a bit about pronouncing and basics (otherwise there would be way more mistakes). No matter it works, the desired effect is there (or perhaps they had a huge amount of editing and I'm wrong). The young woman has a very clear heading in the neutral direction American accent and the man received pronunciation (oh what coincidence). The reason I mention this is I think it is a minor shortcoming. These are not native speakers so although they have gone to great effort to get people with very clear diction, it's not necessarily how a native speaker would speak. The clear diction from the two students and Michel Thomas exaggerating his pronunciation (which may annoy people or sound absurd to others) does get you to pay attention and to think how you pronounce bits of words, but it is not like listening to Italian. It's more speaking.
I have Paul Noble Italian and I would say this contrasts. In that the pace is slow, there are natural breaks. The speaker is a native from the south. Paul Noble is better for listening to in the car or doing things. Michel Thomas the pace is much faster and occasional diversions and mistakes makes the pace completely different to do when doing something or driving. The 'mistakes' in Michel Thomas might annoy some people a bit whilst the slow steady pace of Paul Noble might annoy others (I have no problem whatsoever with Paul Noble). If one method is driving you crazy you can listen to the other for a bit!
As also said the familiar form tu isn't mentioned. However bizarre an omission this might be, it's not unforgivable unless this is literally the only Italian you've come across. I'm sure people can make it up with other materials. I would heavily recommend the collins easy learning italian grammar book (that's what I started off with and then got audio courses and books). The voi form doesn't seem to be covered, imho this isn't a huge deal, although I do think not having loro is a bit out of order. The vocabulary CDs are very odd. Whereas I've just said that the main bit isn't native speakers, the vocabulary CD is completely different. The vocabulary CD is voiced over by someone called Rose Lee Hayden and NOT Michel Thomas. The other people on it are two native speakers. I found the vocabulary CD very difficult to listen to because the English voice over by Rose Lee Hayden, who is clearly a very learned person on languages took her already very strong American accent and says things in a slightly aggressive and exaggerated way for the CD and made it hard to listen to (the other american accent on the main CDs is absolutely fine to listen to). Perhaps you disagree but you can find videos of her on the internet. You might as well almost have had an artificially generated voice with an american accent doing the voice over imho. By contrast the two native Italian speakers are great to listen to. I do agree that the vocabulary does seem to have been randomly tagged on, but there is a fair bit of genuinely useful stuff in here if you can actually put up with it. I would have been quite happy for someone like the student on the main CDs with the american accent to do the voice over for the vocab CD and one of the native speakers to have pretended to be a student on the main CDs - that I think would have been the best of both worlds. Suppose it depends what you expect, worth bearing in mind not all the other languages offered by Michel Thomas do have vocab CDs.
Some of the famous Michel Thomas diversions aren't that bad. There are a few what I regard as minor gems in there like where he explains where the future tense came about from. Some of these bits and pieces are actually really useful and things I hadn't picked up from other books.
The better value for money imho is Paul Noble. However I'd say they complement and contrast rather than being the 'same'. It is very easy to find the content of the Paul Noble one by searching for the pdfs on the website.