Unfortunately he's often let down by his PBP guy... as well as his tendency to repeat his material. Tony Darsow (the current NXT guy) is shit. What a manoeuvre for the win? No, shut the fuck up. Byron Saxton was awful with all but one colour guy (who isn't Regal) and Chris Russo (who's now a ring announcer) sucked too.
Regal's best partner was Matt Martlaro (an FCW pairing) who was a good enough talker to carry Regal when he stuttered, smart enough to know when to shut the fuck up and had a personality that set up some nice lines for Regal.
The other great combination I heard in FCW was Wade Barrett and Byron Saxton. Wade was damn good at putting people over on commentary and was entertaining while he did it. He also gets props for lampshading post production effects ("Saxton, everything's gone sparkly!")