ECW worked because it was in the right place at the right time, offering a product that was in tune with what the audience wanted to see at that period in time. It provided blood and guts, extreme action, realism, high-flying, brawling, great technical wrestling, tag teams, and realistic storylines like The Sandman's blinding and Raven taking away Sandman's kids.
WWE was offering a gimmick-based child-friendly product that was struggling, the fans were bored of it and looking for something different with wrestlers who were actually exciting, rather than the lumbering giants like Mabel, Yokozuna etc who were being shoved down their throats, and more realistic characters instead of evil Clowns, crazed dentists and voodoo priests.
Paul Heyman was able to make the most of this opportunity with his booking genius. Noone can create successful wrestlers out of so little as Heyman could. He was able to take wrestlers nobody else wanted and make something out of them, and make them into idols with the cult-like audience in ECW's arena. With wrestlers such as The Sandman and Public Enemy, he was able to completely mask their shortcomings and make the audience fall in love with them.
By using more real-life style characters in guys such as Tommy Dreamer, Raven, Sandman and Mikey Whipwreck, the audience were able to relate to the wrestlers. They could see themselves in the performers, such as Sandman who was just an out of shape, chainsmoking guy who love beer and hitting people- which was how audience members acted in real life.
Raven was the outcast who dressed in a grunge style (which was relevant at the time), Dreamer was the pretty boy who couldn't be accepted, Whipwreck was the loveable loser and RVD was the chilled out stoner. These were real characters in a more exciting, action-packed show which is why people loved it.
They were bored with the WWE and WCW styles, and when Heyman brought in the Cruiserweights like Mysterio and Pcicosis, even more people saw something in ECW that they enjoyed. There was something for all wrestling fans to enjoy. If you were a fan of the technical style of Bret Hart, you had Dean Malenko and Chris Benoit. If you liked Shawn Michaels' style of wrestling, there was Eddie Guerrero or Jerry Lynn. For the fans of deathmatch hardcore wrestling, there was Cactus Jack, Terry Funk, Sabu, and Sandman. For the brawling fans, Raven and Dreamer would be your favourites and with the introduction of the Luchadors there was something for the fan of death-defying high flying. Even the tag team were great, with the Dudleyz and Impact Players being 2 of the best teams of the 90s in my opinion.
Weaknesses on the mic were covered up by mouthpieces like Bill Alfonso, The Sinister Minister and more. Weaknesses in the ring were covered up by the style of the wrestling. Sandman had literally no actual wrestling ability, but he fought in a way that made this irrelevant to the fans, who wanted to see hit smack people with his cane and bust himself open. Others who couldn't really talk concentrated on their in-ring excellence- like Malenko and Lynn. Other wrestlers were given the opportunity to talk and be creative, unlike in the other organisations and Shane Douglas and Raven are 2 of the ECW stars who made the most of this, becoming genuine greats on the mic.
Wrestlers who would never have been given a chance elsewhere were given opportunities to do their thing and the number of guys who made their names in ECW and went on to either WCW and WWE is enormous. Steve Austin (wasted in WCW), Chris Jericho (too small), Mick Foley (wasted in WCW), Eddie Guerrero and Chris Benoit (WWE turned him down even after Bret Harts recommendation) are the shining examples of men who went on to become superstars after being given the opportunity to shine in ECW and then catching the eye of the major leagues.
Even Heyman's idea of using modern alternative music as the wrestlers entrance music was genius, as it made the product relevent to the fans rather than the outdated stylings of the WWF and WCW, who were forced to update their styles after seeing the effect ECW was having. Without ECW, there would have been no Attitude Era and the shock-based storylines, T & A and more realistic characters it provided.
Although the memory of ECW is probably looking through rose-tinted glasses somewhat, you cannot deny the impact that the promotion had on US professional wrestling, and its influence can still be seen today in some of the matches seen in TNA and the icons such as Jericho, Austin and Foley who remain big draws today. Heyman did so much with such a limited budget, it was a miracle the company survived as long as it did through his awful business deals and with the dominance of the big 2. Heyman in my mind did so much for the business and it is a big shame he is not involved in the creative side of either WWE or TNA today, lord knows they could do with some of his evil genius style booking ideas.