Though I'm a lifelong and very serious Bucs fan, I watch most any football I can (College, Arena, NFL Europe, ect.) to get my fix. I would like to see if this can work-- we even had season tix for the Rage during the XFL's one season, and were sad to see it go-- but you have to wonder if they can overcome all the obstacles that have sunk the XFL and other attempts? They seem ready to stick it out for tough early seasons, but can it survive long enough to become entrenched? The AFL was able to do so before being absorbed by the NFL, but it may be very tough to pull off today. Will the owners stick it out if they meet with some success but if it became clear it wouldn't truly compete with the NFL/meet long term profit expectations for a long time? Obviously these are intelligent businessmen who well know the risks, so perhaps they have some strategies for success up their sleeves to overcome all the issues that will be faced.
I like that they will be going for the large markets with high demand-- the idea of teams in Vegas, Mexico, and such is appealing. I think a Canadian team might potentially work too, and if it weren't for the time zone and travel issues involved you might get some interest from overseas (Germany, from watching the NFLE, seems to have some pretty devoted fans of American football, at least far more than other places in Europe the league has tried). I also like the plan of making fans shareholders (something Packers fans in the NFL seem to love in general from what I've seen)... any steps to make the league more fan-friendly and accessible can only help. Keep things cheap and get the stands filled however you can, and try to pull in the younger fans as well. XFL went the extreme party/rough/skimpy cheerleader outfit route, and I'll admit that certain things you'd see in the stands at Rage games were questionable, to put it politely. Maybe the UFL could be better served to take the opposite tactic and specifically go after families and the growing number of fellow female fans.
Attracting enough good talent and some big names may be accomplished by tactics involving salaries, maybe allowing in players younger, and such, but then, perhaps as important, you will need quality coaches too, and you will need to prove to both, with their pride, before long that you will be more than just a proving ground. Having things ready to go by '08 also seems pretty ambitious, but will be interesting to see what happens!