You made some very good points there. Time was when story lines evolved over several months, sometimes longer, and during that they would capture the struggles of both superstars. In the WWE today, they don't do that as much. I think a majority of those watching have been conditioned into the quick pay-off, and no longer expect them to draw out a story line and have it take on new dimensions the further it travels.
I'm still staggered at how quickly the whole CM Punk/leaving with the belt/coming back/fighting Triple H took place. That should still be going on if the writer's could muster a little more imagination. It was a potentially huge story line which was half baked.
With regards to Jericho, I assume the next time we see him he will embody the heel. If the WWE plans to draw it out until at least Wrestlemania then it gives them plenty of scope to try things out and see what works, and gauge crowd reaction at the same time. I'd like to think they won't rush this.
They are in a sense damned if they do, damned if they don't as you pointed out. But I can't help feeling they have brought an awful lot of that on themselves with the way they have rushed story lines through in the past, most recently with Punk. If anything, Chris Jericho is going to have to re-condition the audience into believing in a prolonged angle. He has a wealth of experience and should be more than capable. But whether the people are patient enough I wouldn't wager money on.
Just the idea of CM Punk vs Chris Jericho for the title is exciting. But take all the time necessary to get there. Because we could be talking about one of the greatest feuds ever told, given both their wrestling ability and promo skills.