If there was an English Premier League, I think it would be a better spectacle than the Indian one.
The home players would have the experience of 6 years in the Twenty20 Cup, so the quality of play would be higher than in the IPL. Similarly, the international players would have the experience of 2 years in the IPL.
There would be no cheerleaders because the spectators will be there to watch some exciting cricket, something learned over the years of the Twenty20 Cup.
Most matches will be played in daylight, since for most of the summer it doesn't get completely dark until around 9:00pm in England. If some matches did finish in the dark, the floodlights would be of better quality than the ones at the Indian grounds.
It would get the media coverage it deserves. The world class television coverage of Sky Sports would show it to the world, with all matches in high definition.
So, all in all, if there was to be an EPL, it could thank the IPL for the quality of cricket, and learn from its mistakes.