I'm sure everybody would love Chris Jericho to go back Face, hell, I would like it if he went back face, but to be honest I think Chris Jericho at this point in his career turning face would be very risky. Because like what somebody else said, Chris Jericho returned in 2007 to a HUGE reaction, but then only after a feud with Randy Orton he dropped right back off the map and straight back into the upper mid-card. Chris Jericho's face character (in my opinion) has the characteristics of an upper mid-card wrestler. Chris Jericho's heel character (in my opinion) has the characteristics of an Main Event character.
Chris Jericho even said at this point in his career he would not mind losing or putting over guys because he feels he has done just about everything there is to do in the wrestling business. As a heel he can put over guys like; Daniel Bryan, David Hart Smith, Evan Bourne, John Morrison, R-Truth, and Tyson Kidd. As a face he does not have much to work with other then; Zack Ryder, The Nexus, and The Miz. So if you guys don't get what I am trying to say he has more people he can put over as a Heel then he does as a Face and that's what Chris Jericho at this point in his career wants to do.
Chris Jericho is very versatile he can do a heel character or a face character and can get over BIG with the crowd, but I just don't see why he would want to put his "Main Event status" in jeopardy when he could use it to put over the next generation of stars. Chris Jericho (as his heel character) does the best work he has possibly done in his entire career (he even said so himself) so why just drop something that has been successful and has done you good for the last two years and go back to something that's going to just get you back to square one? I don't see the point. You have Randy Orton (as a tweener more over as a face), John Cena, Triple H, and Daniel Bryan over has Faces those guys alone are good enough for the Faces. So to rap this up... We would all love Chris Jericho to go back face, but in all honesty I think it would be VERY RISKY for Jericho as this point to go face. He should stay Heel where he can put over younger guys and continue to do his best work he been doing for a while now.