Will "Rosie Live" be anything more than a fun flop?

Reason to watch "Rosie Live," 8 p.m. Wednesday on NBC: For Liza Minnelli/Rosie O'Donnell fans; plus, to conclusively answer some questions, such as: Can the old-time TV variety show come back? Can Ro host a live hour with a "topical monologue" without getting just one teeny little dig at the outgoing Bush administration, or the ladies of "The View" or ... ?

What it's about: This variety hour is actually even more of a potpourri than the form normally suggests, with song and dance (Rosie opens with a number from Minnelli's "The Act," in which Minnelli also performs); sketch comedy; a "spectacular array" of guest celebrities (per the press release); and even a "prime-time giveaway," in which members of the audience at New York's Little Shubert Theatre and at home win "prizes." (Note: "Oprah's Favorite Things" telecast also airs Wednesday.)

Some of the stars in the house include Kathy Griffin, Jane Krakowski and Alec Baldwin. Said O'Donnell in a conference call the other day, the ladies are "going to do prepared comedic segments with me that are not really sketches in the vein of 'Mama's Family' [from "The Carol Burnett Show"], that are more along the lines of the sit-down panel on 'The Tonight Show,' only standing up and performing."

Bottom line: This will be either a fiasco or a fun and worthwhile flop. But generating hit numbers the night before Thanksgiving? If that happens, I will eat the Little Shubert, brick by brick. "Bon appétit, Gay," you may say, but I'm still going with the fun-flop theory. Minnelli's presence — however wonderful and intriguing that will doubtless be — is basically a promotional warm-up for her "Liza's at the Palace!," which opens next week. (Not that there's anything wrong with that.) Krakowski/Baldwin/Griffin? NBC (and Bravo) in-house promos. Whatever. Here's the standout problem. Gifted, funny and smart as she may well be, Rosie is her opinions, and her opinions, are her. She's a talk-show doyenne — not a variety doyenne.