Actually, the ratings for the Knockout's have been among the highest for Impact for months now. Makes you wonder why TNA didn't go through with an all Knockouts show in the current Epics timeslot, hey? Also, why they were willing to let Raisha walk away and nearly lost Kong.
Anyways, TNA is still an inconsistent show, largely hit and miss. If you look at any of the TNA topics on this forum, just as many people are pissed off and alienated by the new product as there are people who are excited and love the companies new direction. How the company is supposed to build and sustain any momentum when the fans are at each others throats is beyond me. But more importantly, the companies direction isn't really apparent right now. I still think they are largely in an experimental phase, mixing up on-air personalities and stories and adding a pinch of 'classic' wrestling and a touch of 'new' wrestling at random intervals to see what works. Nonetheless, the end result (for me at least) is that my attitude towards Impact keeps changing. Some weeks I really enjoy it, and some weeks I swear I won't waste my time tuning in again.
Unfortunately, while inconsistency is understandable at this phase in the game, it's not beneficial. Prior to the Jan 4th show, the consensus among most fans was that TNA would have a limited amount of time to capitalize on the popularity of Hulk Hogan and Eric Bischoff and the increased exposure they would bring in order to catch the interest of a new wrestling fan base. Obviously, interest has started to wane since that initial spike.
I'm not going to pretend that I know why that is with certainty, but I will tell you how I feel as a fan. There are some things I like about TNA right now and some that I don't, and the inconsistency problem comes into play because I'm really not sure how much of each I'll be seeing when I tune in.
Hogan and his regulars do nothing for me, and never have. Some new roster additions like Anderson have worked out brilliantly, but other young talent who are undeniably over (Beer Money, MCMG) are noticeably absent in favor of guys like Orlando Jordan who have yet to prove themselves. The writing has improved greatly, yet I don't care for many of the individuals involved in the plots (ie: the 'band' story is being handled well, although I still despise Hogan, Nash and Pac). PPV's are still a waste of money (as I discovered the hard way this past Sunday). And there is a sense that the new management is deliberatley attempting to alienate some of the older fans by blatantly fulfilling their worst TNA-related fears (taking away air-time from TNA originals and giving it to Hogan's friends).
The end result is that I have very mixed feelings towards Impact, and as a result it's just not 'must-see tv' for me at this point. Many here won't agree with my particular reasoning or preferences, but I believe we can all acknowledge that TNA's fans are currently divided, both in how they feel about the company and externally against each other. A lot of this I feel is attributable to how quickly and how drastically changes were implemented, the uncertainty about the direction of the company, and the inconsistency of the shows content (ie: replacing Borash with Bubba only to change their minds later. Face->Heel->Face turning Jarrett. Countless other examples of inconsistency). The end result is that for all the progress TNA is making with attracting a new audience, they aren't yet creating a stable enough show to sustain their interest, and they are simoultanenously alienating much of the original fan base. This isn't intended as a 'doom and gloom' post, as TNA is still experimenting as I said earlier and may very well turn this around. This is just what I feel is happening currently with the product and why the ratings are waning.