A&E's 'Neighbors With Benefits' -- Real Swingers Blast Show ... We're Not All HOT

"Neighbors With Benefits" ... the new reality show about swinging couples ... blows the big one, at least according to a couple of high profile swingers on the Playboy payroll.

Michael and Holli, hosts of Playboy Radio's "Swing" ... say A&E's show takes their sensual lifestyle and makes it look like a weird sex cult -- plus it's loaded with false information about the community.

On 'Neighbors,' which is set in Ohio, the couples flaunt their sexuality in bars and swap out in the open -- but Michael and Holli say that just ain't how it goes down. And what really pisses them off is the show's claim you have to be "hot" to partake.

The hosts insists peeps of all shapes, sizes and looks are welcome.