Just like I said in the main titles thread, one of this belts will be pushed down the card. It is just the booking schematics of the WWE.
I could prolly be talked into why the two world titles would be better off unified. Same with tag and women belts when it comes to the WWE. However, one thing they aren't lacking is a mid-card roster. When you look at the two belts booking, they are completely different:
On Raw, they are given to guys who need a little face but are not high enough on the totem pole to be a part of the one or two significant storylines of the show. It may not mean much, but to say "I'm a U.S. or I.C. Champ!" is a lot better than saying "Well, I wrestle sometimes."
Over on SD, they are given to guys who aren't feuding over the main belt, but that doesn't mean that they aren't important to the show. Everyone talks about the last of prestige (whatever the fuck that means on a fake tv show), SD has always presented its mid-card title as a stepping stone to bigger things. I think Barrett has made that IC belt look much more important because he carries himself so damn well. It seemed like for a while, the guys fighting over it were just stuck in mid-card hell.. Well, with Barrett, he believably looks like if he dropped that belt, he would move up while the other guy got a mini-rub of beating someone important.
I don't know if you can say that about Sheamus.. And I do like Sheamus. But he totally just feels like a guy that fits what I said about how Raw books that title.. As did DB and The Miz.