Hornswoggle is not going to be released anytime soon...
As much as I think he is useless, pointless, boring, not funny at all, etc... he will show up from time to time... let's say every monday until his character burns out completly and stops getting any reaction...
The main reason he will be on Raw is because people seem to care, even if it's just to say he's annoying...
just take this thread as an example... everyone says this move is pointless... but this thread alone already has more posts than Kennedy's, Carlito's, Layla's, Shad's, Ryder's and Rycky's threads... all of them combined... and a lot more more more views than all of them...
So as long as people keep talking about horny, he will be under the Raw ring to stalk divas and annoy people...