Podling's Shark Tank is a collection of short pitches (think lightning talks) done by current podlings trying to highlight how awesome their project is and why should everyone join their community. This is followed by questions (and some grilling!) from the panel of Sharks. The pitch part last for 5-7 minutes. The grilling part lasts for 2-3 minutes.
For viewers of US TV think of it as pitching your idea to the "Shark Tank" panel. Only instead of Mark Cuban and Barbara Corcoran we've got even sharkier characters:
All in all, this is meant to be fun, but informative way of making sure that as many ApacheCON attendees as possible are going to get a chance to find out more about your favorite podlings. Also, if think your community is close to graduation as a TLP consider this opportunity to pitch your graduation. I'm sure all of 3 judges will have plenty to say about that.
There is no single recipe for making your pitch successful and memorable. Some folks use slides, some don't. Some folks obsessively prepare and some improvise. Some turn their pitch into a lecture and some into a Q&A session. Let your creativity soar!
If you still would rather see some previous awesome slide decks, here's a small selection of the ones that impressed at least your moderator (me):