Editor’s Note: Heidi Klum has expanded her career far beyond the realm of modeling with the hit reality television show "Project Runway," for which she is host and co-executive producer. In a candid interview with wowOwow’s Liz Smith, Heidi talks about the show and more. Season five of "Project Runway" premiered on Wednesday, July 16th, on Bravo.

Click the play button below to watch the video.

LIZ: This is interesting because you don’t have to go into therapy doing this show. You’ve now realized your own potential. You’ve changed along with the show to some extent.

HEIDI: Well, I’m just more open about it. In the beginning, I was a little bit more private about it — or maybe I now say what a lot of people are thinking but they may be too afraid to actually say it. And, I don’t know, I just do now. I feel more comfortable in front of the camera and I think we all are. All of the judges, Michael and Nina … we say more of what’s on our mind now.

HEIDI: And I always say at the end of the day, you count this on the gold scale.
Whatever I say, or whoever says … that’s just our opinion. There are so many opinions, and it might be that someone else does not have the same opinion as I have — and I’m not saying what I say is right and it has to be right and this is what the law is. I’m just saying my opinion: "I don’t like this because of these reasons and I like this because of these reasons." So, everyone has a different opinion, just on our show, it’s the three of us who sit in the judging panel … that make the decisions for our particular show.

Click here to read Part One: Heidi Klum on Modeling and Sex. 

Click here to read Part Two: Heidi Klum on Shoes, Bloggingstocks and Husband Seal.

LIZ: What have you learned about fashion doing this show or what has changed in your opinion? Do you think fashion has changed a lot?

HEIDI: I think fashion always changes, yeah. I mean, just looking at myself and how I’ve changed in the last five years. I’ve been doing "Project Runway" now for five years and I feel like I’ve gotten more experimental — with my hair, with makeup, with shoes, with clothes, it always changes. You always look for new things. I don’t want to always wear the same things. So in the same way how I’m always looking for new clothes to wear, we need new designers that make these new things. And sometimes they come up with things that I’ve seen before so I find them boring or repetitive. Or, sometimes they bring in old ideas and they twist them again and make them new — and make them their own — and that’s what I’m looking for. I’m looking for someone who has a new ideal, who has a new twist.

LIZ: That’s what people who don’t care about fashion always say. That it’s only repeating itself and it goes back and it feeds on itself — and everybody’s always stealing from what Yves Saint Laurent did … or somebody else in the past.

HEIDI: I mean, how many original ideas are there? I think it is OK not to borrow but to kind of get inspired by certain things. Sometimes I see something that inspires me to wear something a certain way, or to change my hair a certain way, and then I put my own twist to it. I think sometimes designers do that, too. I don’t think that’s necessarily wrong because they’re not copying it exactly as is. I think sometimes you see something that inspires you and you incorporate that into your own thoughts and your own way of doing things — and I think that’s OK.

LIZ: Do you wear your favorite things over and over? Or — because you’re so much in the public eye and so affiliated with this project — do you wear something different all the time? Do you try?

HEIDI: It’s funny that you say that because I just sold my apartment in New York and I have clothes, things, knickknacks and stuff that have accumulated for the past 14 years … and I can’t part from any of these things because I always think: they better be in fashion again at some point … so I do hold on to the things that I love.

LIZ: You’ll have to get a warehouse and save them.

HEIDI: Yeah, it’s a big problem. I have a very big problem with that. It’s the same with accessories, with shoes. If they’re not broken or if they’re not completely, you know, beaten to death, I kind of feel like I will work them into something again. I will, and I do sometimes. I mean there are a few things that I have honestly not worn in ten years — and who knows if I ever will — but I just can’t get rid of things. It’s terrible.

LIZ: I was just looking at you before you sat down and you have such a wonderful slim figure, and I know you had a baby not too long ago.You’ve got three children?

HEIDI: Yeah, three children.

LIZ: Have you changed a lot? I mean, do you feel your body has changed?