X17 is LIVE at the first taping of The X Factor with the newly-announced judges' panel cast including American Idol alum Paula Abdul, UK pop star Cheryl Cole, Def Jam head honcho L.A. Reid, Pussycat Doll Nicole Scherzinger, UK presenter Steve Jones, and the group's boss, Simon Cowell.

The judges will file into the Galen Center at the University of Southern Califonia in LA to preside over the first round of auditions. The format's simple -- X Factor judges scour the country for fresh talent, put them on broadcast airwaves, and choose a winner. The competition is open to solo artists and groups and there is no age limit, unlike with American Idol.

Each judge is assigned to a category of competitors ranging from individuals over 25, boys under 25, girls under 25, and groups and serves as a mentor. According to Cowell’s description of the show, the judges have a stake in the ultimate winner since they will be mentoring the winners. He told People Magazine that he wants tension between the judges: “I liked the Idol panel when we first started. We had different opinions, and I think it’s important you have different opinions."

So what's the prize? The winner receives a recording contract for $5 million. Not bad!