I think the AAF has learned from others' mistakes. Unlike the XFL they have had a long training camp. Unlike the United Football League they are in the South. Like the USFL, they are in the Spring, and are adopting NFL rules. Unlike the World Football League they have a major TV contract.
Many on this board remember the AAFC which had teams in Hartford, Waterbury, Bridgeport, and Ansonia. Some had NFL affiliations (Bridgeport Jets. ) I see this becoming a feeder league / WLAF league to give promising players playing time, a little like the G league. The player contracts are better than the CFL, which is losing players to the AAF.
I grew up watching the USFL, with the NJ Generals being the "local" team being on ABC every week. Had the USFL stayed small and in the Spring I believe it would have been the NFL minor league. Remember, instant replay originated in the USFL.