The last RAW rating was 2.15
The last three months of WCW Nitro was raging from 2.0 to 2.6
I say ratings for RAW are bad
Unfortunately I think WWE is contented with keeping the Wrestling product as lifeless as it is.
Dave Metlzer said it best, WWE is at a position to do a lot of "stupid" things in their creative direction because USA/WWE has a long term guaranteed deal for RAW (with USA keeping the AD revenues), no one's really going unsubscribe the Network, and while RAW ratings are are low and while it might upset McMahon there really isn't a lot of urgency to fix the situation since the WWE has established other revenue streams beyond RAW and the actual Wrestling shows.
Note: I know Metlzer predictions aren't always right. But I still see him as a guy that understands Wrestling as an Industry and Business, so on that level his views has some validity.
This goes back to my main concern with why we may never truly see the product improve... what is the incentive to make it better? What is the incentive to either pay better writers or spend more time developing storylines and characters?
They have no true competition in the mainstream industry, especially not one competing against them for a TV audience.
Regardless of how bad the product, they sell out every televised show and do quite well for house shows because people want to see the stars live and only have, what, 1-4 chances per year to do this.
The merchandise makes a ton and that isn't going away when they market to kids. Kids want the T-shirt, action figure, DVD and their parents will buy it.
And, at $9.99 a month for the Network, not many will get so angry with the product enough to cancel. (I admit, I did and don't regret it yet, but I'll probably buy it again for Royal Rumble and WrestleMania).
So, where is the drive and the force that will make anyone say: "Wow, this is a sinking ship and if we don't do something quick, we could be in trouble?" It isn't there because barring an unbelievable situation occurring, there's no fear of the company folding or the money stopping.