The football in the Championship, by and large, is not much different from League One. I saw plenty of abject, unsophisticated, football-by-numbers, limited dross when we were in the Championship. The fact that Grant Holt is doing well tells you all you need to know really. The most significant difference is that there are more players lurking who have the ability to produce a top-flight piece of quality. The good news is that we will probably be one of the most competitive teams in the transfer market when we get there.
Much does depend on who gets relegated each year with regards to auto promotion. If it's the likes of West Brom or Wolves then they will probably not be too adversely affected and are well used to yo-yo-ing. If it's a bigger club like Newcastle and they keep their team together they will go back up (Ashley has done a great job there IMO). If it's a basket case like Hull or the Skates then it helps.