(CNN) -- The wait is almost over.





After months of hype, a reported $35 million in marketing costs and one high-profile judge switcheroo, Simon Cowell's "X Factor" will finally premiere on Wednesday. But will it be one talent contest too many? And can the show possibly be as big a hit in the U.S. as it is back in the UK?





I've been eagerly anticipating the U.S. launch of "The X Factor" for a long time now and have been frequently posting updates on my site Remote Patrolled. As a reality TV producer, originally from the UK but now living here in the United States, I'm very familiar with "The X Factor" format and its influence on British culture. For the past eight years, "The X Factor" has been the No. 1 entertainment show in British television, launching the career of several British pop stars and one international singing sensation, Leona Lewis. So can lightning strike twice?





In case you're not too familiar with "The X Factor" back story, here's a quick refresher.





Over in England in 2001, the ITV1 network unleashed a new talent contest called "Pop Idol." The show became an instant smash, due in large part to its toughest judge, Simon Cowell, and an addictive elimination format. In 2002, "Pop Idol" relocated to the U.S. as "American Idol." That show became an even bigger hit, launching stars like Kelly Clarkson, Jennifer Hudson and Carrie Underwood and making Cowell one of the richest people in show business.





Now here's where it gets really interesting.





"American" Idol was overseen by Spice Girls guru Simon Fuller, leaving Cowell as a mere (highly paid) gun-for-hire with no stake in the show -- or the success of its artists. As vocal as Cowell has been about being competitive, it is not surprising that he wanted to run his own show and reap the subsequent rewards. So back in England, "Pop Idol" was canceled after two seasons and replaced by the Cowell-produced "X Factor," resulting in some bad blood between the two Simons and a high-profile lawsuit (eventually settled).





The format of "The X Factor" is similar to "Idol," but there are several key differences. On "The X Factor," each of the four judges 'mentor' a category of contestant: Males younger than 30; females younger than 30; groups; and 30s and older. The show therefore becomes a contest between the judges as much as the contestants, often resulting in plenty of judges' bickering ("X Factor" judges Sharon Osbourne and Dannii Minogue were reportedly barely on speaking terms by the end of their run on the show). At the same time, the diversity of the contestants also makes the show rather different from "Idol," which these days only seems to crown white male guitar players.





One other key difference is that "The X Factor" is BIG! Auditions take place in front of a live audience, rather than a tiny audition room. And as the show progresses, it's the job of the judges to produce each of the contestants' performances as though they were staging an awards show style performance. So "X Factor" finalists get dancers, elaborate sets and complex lighting arrangements in contrast to the "static stand-and-sing" style of "American Idol."





Those are the differences. But can "The X Factor" succeed in the fiercely competitive U.S. marketplace? Back in England, the show faced little competition in the music competition genre. The BBC had "Fame Academy" (for which I produced all the live performance shows) and ITV1 had "Popstars" (a version of which also ran for two seasons here in the U.S.), but both shows had effectively run out of steam by the time "The X Factor" launched.





By contrast, the U.S. version of "The X Factor" is entering a crowded market dominated by a decade of the very successful " American Idol
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"X Factor" on Wednesday. "Idol," "Idol," Simon Cowell's Simon Cowell, Wednesday.
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