First of all, someone asked below about ND players. There are three ND grads playing in the league, but only two suited up for ND. Jarron Jones and Te'Von Corey are playing, but also Brandon Aubrey, who played soccer at ND, and is now kicking for the Birmingham Stallions, who are coached by Skip Holtz.
The good and the bad:
First the bad. Obvious thing with any football leagues outside the NFL: quarterback play. It's generally bad. The CFL has a better stable of quarterbacks, at this point. Remember the original XFL? It had Tommy Maddox and then a bunch of quarterbacks who stunk. I don't know how any fledgling league at this point will get past this obstacle. The other negatives are interwoven: the choice to have all games this season at one location, Birmingham, and the lack of attendance. The inagural game yesterday featured the home team Stallions. At its peak, I would say the pared-down stadium was 60% full. Today, attendance for all the games in Birmingham must have been a few hundred, at the very most. It looks terrible on TV. Birmingham was the best choice if they were going to do it, because it has always supported alternate league teams, with the original Stallions in the 80s, and then with the CFL expansion team in the 90s. But even they have no interest in out of town teams when the home team isn't playing.
The good: The inaugural game. It came down to the final seconds, when Holtz's scored the go-ahead touchdown after trailing most of the game. Fans and announcers were into it. Defensive play has been strong in all the games. Production values in the broadcast have been solid. It doesn't look like freak show XFL, and it doesn't look small-time in presentation.
Bottom line, until a league can come along with people willing and able to at least lure away backup NFL players who would otherwise have NFL contracts, I can't see any of these leagues making it. The original USFL had some cache from not only signing guys like Jim Kelly, Steve Young, Reggie White, and other future NFL stars, but also because it was able to sign NFL veterans looking for the opportunity to start at the pro level. All of the current guys are the types who have been on practice squads and then cut multiple times.