First things first, it's true that right now WWE's product is not the best it has ever been, but it's far from their worst and it's still drawing bigger than TNA is. With that said WWE is on the up, less pay-per-views, bigger build times for angles, 2012 will be a good year for WWE, just you watch.
As for TNA, they have way, way too many issues to even dream about competing with WWE at the moment. Yeah they're having good matches but that doesn't mean a thing when its in the same place each week watched by the same combination of a few die-hard fans, and some tourists who wandered in from Universal. We get spoilers every week which take away from the action (You try not to look but sometimes you just gots to know lol) and in terms of international coverage, take here in Australia for instance, one of the bigger markets for any American television, TNA Impact is aired at 8 o'clock on a saturday night on Fuel TV. It's not advertised, it's filled with more advertisements then the home shopping channels, and lastly, very, very few people are ever home at that time to watch it. Fact is its just not as well placed to be seen as Raw and Smackdown. Then you start chipping into the real issues.
The production is piss poor, the stage is worse, the music is even worse still (bar JS theme) and the titantrons are even more woeful. I like TNA for the wrestling, because at this point in time they're putting on higher quality matches week to week compared to the WWE's three, maybe four good matches from four televised shows (superstars and nxt still air here in Australia). TNA Pay-Per-Views however have become stagnant. The same piss poor entrance/production/promotion problems coupled with the fact that nearly every match that features a champion is sure to end cheaply makes for poor television and I know a few people who have gone so far to say they were ripped off having to pay for a TNA event.
Once TNA can stop paying people like Hogan/Bischoff/Flair/Angle (Sting in the GM role is working well enough to justify a paycheck) who I'm sure take a considerable slice of the pie in terms of salary and barely do enough to earn it, then they can put some money towards travelling more, and most importantly, towards making their product look presentable. That's at the very least a 5 year job, maybe more and only after that can they even think about having another stab at Monday nights.