Do you mean like this?
The United Football League (www.ufl-football.com)
The nice thing is that are former NFL coaches and office types involved. It's already being touted as a place that Michael Vick may go to if he can't catch on with an NFL team.
As for the AFL, they weren't quite the sort of fly-by-night operation you make them out to be, they were around for 20+ years. The crazy thing, really, has been the chaos. Even after the on again, off again talk of suspending the 2009 season reports were few and far between. Now there are various reports that they've folded, but the owner of the Kansas City team says they've just suspended operations indefinitely (admittedly, a fine hair to split) and the owner of the Arizona team says that they'll be back - although they may join the AF2 league.
I think this all part of their plan. If they had been playing all along, I doubt we'd care this much. I know I wouldn't be trying so hard to keep up with it...