Originally Posted by
C14E:
“http://www.itv.com/presscentre/press...k/default.html
Press release out - sounds like it might be a bit like Wanna Bet? Except it'll be the audience of thousands betting on the celebrities doing the challenges? Or maybe I'm getting it wrong - it's not the clearest press release I've ever read. 
It'll come down to the execution, I guess. Gameshows seem really difficult to get right just now. My early prediction is that by putting up so much money, it could fall victim to the Pokerface curse - where even a solid 5m a night won't be enough for a renewal. And unlike The Cube, this one won't get any cheaper over time.
In other news, The X Factor semi-final and final are likely to be held in larger arenas.”
This video and
this article provide more information.
From what I can gather, each episode will be self-contained and will begin with approximately 1,000 contestants, who will compete at Wembley arena in June. There will be various rounds, and each involves some sort of challenge with a 50:50 outcome, and each contestant will have to guess 'red or black', and if they are correct they advance to the next stage, and if they are wrong they are eliminated.
After a certain number of rounds and when a certain number of contestants remain, the next stage of the competition is held up and down the country over the Summer, where once again various challenges and games will be played, and the contestants much guess 'red or black'. Once again there will be a few rounds of this.
Finally, the remaining 7 or 8 contestants (8 I think but some reports say 7) will compete live on air in the red or black studio in September, where they will eventually be narrowed down to just 1, who will then play one final game of 'red or black' for £1m.
Each episode will be 90 minutes long and there will be heavy celebrity involvement and musical performances (and the performers will be involved in the games). The way Cowell is describing the games, and the specific ones he's mentioned make it sound like it's going to be done on a pretty epic scale, and it's clearly going to be very expensive (even without the prize money the production costs will be huge). It's certainly a risk but it sounds like it has the potential to be really good and Cowell doesn't do things on a small scale, so I doubt it'll look cheap, and they clearly want it to be more than just a solid 5m sort of show. Whether it will be depends on the execution of course but I think it has a lot of potential.
Also in the article he doesn't seem worried in the slightest about BGT's ratings and seems happy with the show. Not sure what he means about the acts having more time and work put into them for the live shows this year but it sounds like he's cranking them up a notch (perhaps he realises how flat last year's semis felt). I notice he had a slight dig at Sing If You Can's ratings too, saying they are '2 million lower' than BGT's lead in last year (The Whole 19 Yards).
I like the idea of holding the semi final and final of The X Factor in a big arena, and reading between the lines it seems that he will be returning to the show for those two weeks at least. He said in the article he's going to have 'a big role in it', so he's definitely going to be involved, and I doubt he'll be able to resist making some appearances.