As for the whole D-Man/Killjoy argument... I agree with D-Man. Shocker, I know (though D-Man might be surprised), but I think the "what have you done for me lately" mentality is clouding your judgement. Let's look at the World Heavyweight Title reigns since 2011.
1) Edge (12/19/10-4/15/11)- Edge defended against Kane, Ziggler, and Del Rio. The matches were good, but not great, but the programs were weak. This reign will definitely be remembered more for being Edge's last reign than it will for any of the matches or feuds.
2) Christian (5/1/11-5/3/11)- This was an extremely short reign, but very important as it marked Christian's first World Title in the WWE, and the marks were ECSTATIC.
3) Orton (5/3/11-7/17/11)- Great title reign that saw a phenomenal program with Christian. It had solid promos, good booking, and some of the best matches of the year. Besides Cena/Punk and Rock/Cena, this was the biggest feud of 2011.
4) Christian (7/17/11-8/14/11)- The Orton/Christian saga continued. Great stuff.
5) Orton (8/14/11-9/18/11)- Orton wins the title back and everyone is happy. But there is a new threat on the horizon, one that has been around for decades: Mark Henry. Orton is inducted to the hall of pain at Night of Champions 2011 when Henry does the unthinkable and pins Orton, winning his first World Championship.
6) Mark Henry (9/18/11-12/18/11)- Arguably the best reign in recent memory in terms of feuds and booking, and the match quality was high as well. He put on solid shows with Sheamus and Orton, and even dragged some good matches out of Big Show.
7) Daniel Bryan (12/18/11-4/1/12)- Another great title reign as we got to see Daniel Bryan turn heel and begin his infamous YES! campaign. He rose to prominence during this title reign and is now one of WWE's top players.
8) Sheamus (4/1/12-Current)- Sheamus beat Bryan in seconds to win the title, but would later put on a great match with him at Extreme Rules. He's had a lackluster feud with Del Rio since, but has put on good matches throughout.
So out of those 8 title reigns, 6 went over extremely well with the IWC (Both of Orton's, both of Christian's, Mark Henry's, and Daniel Bryan's). All of them went over well with the majority of the WWE Universe.
To say that the World Championship is overlooked or treated poorly is just silly. The World Championship has consistently provided great entertainment for the WWE fans.