Can I still sell my reality series idea if they are already shooting a similar pilot?

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I'm hoping one of you has the answer out there.

I've had this idea for a reality series for a few months. It is a new concept, but can be seen as a version of the "dating shows" that have been so popular recently.

I just discovered today that there is a very similar concept in the works, and they are shooting the pilot in January, 2010.

What do I do now?

1. Accept that I missed the train and forget about it?
2. Try to pitch it to different networks, hoping someone will want to compete (even though the competition is already at work)?
3. Wait and see how the other pilot does. If it fails, go in with a reworked version?
4. Any other idea?

Please only respond if you have experience or know for sure what you are talking about.

Thanks a lot!
 
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