I also agree that it depends on the situation. Punk's long reign has been a breath of fresh air. I want to see if Punk will retain one more time each time he goes out there. I have really enjoyed this reign. I think for this day that 5 to 6 months would be a long reign. With Sheamus and ADR the three months they feuded seemed like 3 years so the booking has a factor in it to. I don't see The Big Show having a long run with the title, but I was happy he ended Sheamus' reign. If the champion is consistently given credible opponents I think it makes a long run much more interesting than seeing the same opponent over and over.
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