Yes, for me -- it is a fail. An epic fail. Here are my reasons. Here's what keeps me watching and satisfies my viewer needs.
1. Good wrestling - WWE does not have that. Do not dispute it. It's the same match every week. Vince has said many times that they are now "sports entertainment". WWE agents tell the talent to "slow down" in the ring. Every indy guy that had an exciting moveset is limited to maximum 4 moves. Wrestlers are artists, and wrestling is an art. Artists paint with many colors. They can't paint with just two. The picture just isn't this good. Wrestlers can't have great matches if they're handcuffed to the chin in rules and regulations, unless your name is Shawn Michaels, Triple H, The Undertaker or any other legend. WWE's wrestling blows. The feuds end in a mediocre to low-quality match, which nulifies any excitement that the two wrestlers created during the storyline.
2. Interesting and Diverse Characters/Gimmicks/Personas -- The heels are all the same. They must speak like robots, repeat the same phrase again and again, dress up in suits and just be boring. WWE strips them off their charisma, they natural talent, and creates a shell that we're forced to boo. We have no reason to hate them. They never do heelish things aside from attacking a face.
The faces are identical. They always smile in a fake manner, give out high fives and then smile again. That is it. No entertainment value, nothing.
The characters are the same as we saw 5 years ago, 10 years ago, 20 years ago. It's simple, but it's not entertaining.
3. Storylines that mean something -- If you're going to make a storyline, make it special. Make it stand out. Make me care.
Goldust stole DiBiase's belt. Big fucking deal. Why should I care. He gets married for some chick. Why should I care. Why should I buy the PPV, what is the pay off?
Morrisson and Sheamus are feuding. Typical WWE storyline. Thrown together, no motives no nothing. One guy attacks the other, the other guy attacks back, they go back and forth for 2-3 weeks until the PPV comes and the face wins. Whoo-pe-doo.
John Cena and The Nexus. Cool. Cena is a member of The Nexus. But they've made it so damn obvious that Cena will eventually overcome the odds and be his own person again. It's how it goes. We know the ending, so why should we care? Keep some hopes of something special happening? We've been doing it since WWE started sucking. Hopes, hopes, hopes, which get crushed by another dominant Cena win without anything of any importance happening.
WWE gives me no reason to watch. It's over-scripted, the humor falls flat, there is no drama, there is no excitement, nothing is happening, the good storylines are always kept for Cena/Orton which fucks up the mid and low-card because they look insignificant, the wrestling is slow-paced and boring, the characters are extremely bromidic.
WWE is a fail. Is it the number one company? Yes it is. But don't confuse size with quality. WWE is the number one company because of Vince McMahon's neck for business, not his ability to deliver good Television. Facts are this -- WWE is floating on success they created 20 years ago. It's not alive because it's good, it's alive because Vince has money. If the WWE was working shows in a 3.000 seat arena, they'd be dead in 2 months. People are used to watching it, they feel like it's their obligations as WWE fans to watch and love everything WWE, and hate anything non-WWE. WWE fans will keep eating up everything Vince does, not because it's good, but because it's WWE. I know it, I used to be a WWE fan.