The format of ICA is similar to that of the original Iron Chef. In this version, however, each chef is required to finish five dishes using the secret ingredient - the original left the total number of dishes wide open.
The treatment of the food is of the same high caliber. The treatment of the judges tends to be better - even when the judge is a celebrity, he or she usually has a strong connection to food, unlike the actresses of the Japanese show, who were made to look a little foolish, IMO.
ICA has an impressive list of regulars, from lead commentator Alton Brown (Good Eats) and Kevin Brauch reporting from the kitchen floor, to the chefs: Bobby Flay, Mario Batali, Cat Cora, and Michael Symon are all highly regarded chefs with their own restaurants, and Masaharu Morimoto is, of course, one of the original chefs from the Japanese program.
Fun? That's a relative term, Michael. I enjoy it more than the original, and der B is now hooked. You might enjoy it as much, or not. But you'll never know until you give it a try.
(BTW, Morimoto is the Iron Chef in tonight's show. So it will be like reuniting with a familiar face!)