As far as comps go, there is no major difference. You want to compete? Play by the rules.
As far as the athletes go? MAJOR CHANGES. As for as morals and money goes? Major changes.
The whole sponsor logo, goggle stap Ted Ligety thing? It's not FIS, it's the IOC. Visa makes less money when some no name goggle company (Oakley, Shred, Smith, make pennies next to Visa) gets the spotlight.
The X Games, flawed as it may be, is still a consistant, annual paycheck for athletes. The Olympics are only once every four years, but their demands reign over the other three. The result? People spending their lives making pennies.
It's not a skiing-only thing. This last summer cyclists were only allowed to ride bikes with logos that were previously available to the public. Sales go down when you can't buy the olympic winning bike the day after it wins the olympics. You don't make money if you aren't selling anything.
Factor in the average wage of olympic athletes being like 13k and the money made from advertisers in the millions and there is a serious problem.
We can also look at the fact that the X-games doesn't change the very nature of the place it takes place in. Aspen? It's an economic boom built around a city that can handle it. The olympics? It usually bankrupts the city it's in, forces out all the poor, and creates something useless in an international dick-wagging contest. The x-games is actually a working model for making money for most involved. The Olympics? Not so much.
Support the X-games. It pays peoples bills. The Olympics? It pays NBC and Visa's bills. Everyone else loses.
But you know, support sport and human unity... Wait, what the hell is different between Tanner yelling "You just won the X games" and a bunch of 14-year-olds in leotards hugging after a sweet performance on the vault?
Those 14 year old girls that didn't win a medal aren't getting paid, and the money being made from the x games isn't going to Visa...
X games, flawed as they may be, respects the athletes and the places they happen in. The olympics? I dunno. Nobody needed to take out a 40 billion dollar loan to host the x games. (Check SLC Olympics for a reference.)