From what I've seen (though I'll admit that I'm kind of dated on it), the major difference that I've seen between telenovelas and soaps is that telenovelas tend to run for far shorter lifetimes, and so plots do tend to be less convoluted than the average American soap.
And, let us not forget that MyNetwork TV (the stations from UPN/WB that didn't become the CW) tried doing English-language telenovelas, so you could look at those as well for ideas.
On the other hand... soaps -are- starting to affect telenovelas too - I know of at least three productions of Desperate Housewives in Spanish-speaking countries that are being aired as telenovelas.... :)
Good luck!
2009 NaNoWriMo Titles: None *sob*
NaNoWriMo Winner - 2004, 2005(2 novels), 2006 (2 novels), 2007 (3 novels), 2008 (2 novels)
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