Essentially, this is an alternate version of
Loaded. The fundamentals of the story are the same: the Velvets part from MGM and sign to Atlantic; the band, encouraged by their label, make a consciously "commercial" album; Maureen Tucker is (mostly) absent from the sessions owing to maternity leave; and the sessions result in largely the same songs as in OTL. The details, though, is where it diverges a bit.
First, the Velvets are in a slightly stronger position, so to speak. Signing to Atlantic fresh off of an album— the biggest of their career, at that— makes the band a
bit more confident and the label a
bit more willing to trust in them. This means that while there's still an expectation and pressure to produce a "commercial" album, the request for an album "loaded with hits" is never said (Atlantic presuming the Velvets have a bit more of an idea of what to do) and the band is a bit more ambivalent about the direction… that they are "playing follow the leader". Thus, instead of naming the resulting album
Loaded as an in-joke, they call it
Follow the Leader as a self-depreciating one.
Second, the band having a bit more leeway means that while the songs are still written with an eye to commercial success, the production is less slick and clean.
Follow the Leader has a bit more of a "rock" edge to it compared to
Loaded (although ITTL
FtL is still regarded as the band's pop album). This also means the album isn't edited, mixed and sequenced against Lou Reed's wishes, which in turn means he doesn't quit the band prior to the album's release (as IOTL).
Third, although the sessions are similar, the final tracklist is different. OTL's "Sweet Jane", "Rock and Roll", "New Age" and "Ocean" obviously can't be on the album, since ITTL they were on
Good Times already. Instead, a few other songs that predate the sessions are recorded here: "Follow the Leader" and "Sweet Bonnie Brown". Otherwise, all the songs here were actually recorded at this time IOTL, and it's just a case of them making the cut ITTL (yes,
"Satellite of Love" originated here IOTL. Weird to think they didn't use it…).
Fourth, Mo Tucker actually appears on the album! IOTL, she came to the sessions once and, while there, sang lead vocals on "I'm Sticking with You" and played her usual drums on "I Found a Reason". Neither made the album ITOL, but they both do here.
Finally…
Follow the Leader does better than the OTL
Loaded did (having the bandleader still in the band helps)… but it's still not really a hit, and underperforms TTL's
Good Times. This is very dispiriting for the Velvets, particularly Reed. But rather than suddenly and abruptly quit as he did IOTL, Reed brings his concerns to the band first, who voice their own unease about the future: Sterling Morrison has gone back to school and is more interested in his studies than music, and Mo Tucker just had a child and is raising a family; Yule's still interested in a music career but doesn't want to push the rest of them into it. Ultimately, the Velvets disband, on good terms, in mid 1971.
Squeeze is released as a Doug Yule solo album ITTL, and without the band name as an albatross around his neck, he goes on to have a modestly successful career.