Wrestling moves at a faster pace story wise now than it did, even back in the 80's when we had WrestleMania, Starrcade, Sat Nite Main Event and weekly two hours programs on TBS. The advent of monthly PPV events combined with the weekly live television programs means most fueds do not last as long as they did in the previous era. It's really the lasting legacy of Monday Nitro, they pushed the envelope with regards to main event stars battling on free TV, the need for more surprising heel turns, unforseen finishes, etc. WWE had to do the same things to compete and by the 1999 the audience had come to expect that faster paced moving forward quicker idea, you can't arbitrarily turn back the clock now, especially when viewership is already down.
Back in the 80's and early 90's, I would have said an impressive title reign needed to last at least 7-9 months, someone who comes in and holds a title for a month or two like Ricky Steamboat, both as IC Champ and as NWA Champ, is just a caretaker, or story device, he's not a credibile champion. Randy Savage held the WWE title for a year and had high profile fueds with Ted DiBiase and Ultimate Warrior before losing to Hulk Hogan. That was a credible, impressive reign for that time. Certainly Flair's reigns, almost all of which lasted over a year each back then, were impressive, especially considering how many big matches he survived during those runs.
Today, I think if a champion maintains a title for 5-7 months then they are impressive, because the pressure to maintain TV ratings and PPV buys is so great that the company must really feel that you can carry the load to let you wear gold for half a year. A guy who maintains a title for 2-3 months really isnt anything great, he's another storyline device, a different flavor for a short time before we go back to who we believe is the real money maker.
I understand some fans are upset as Cena, never a really popular guy with the Internet crowd, eclipses Hogan & Triple H and gets closer to Flair's record. They argue Cena has never been as popular as Hogan, as good a wrestler & promo guy as Triple H, and is not the entertainer or Iconic figure Flair was. They also get upset because he's had multiple runs that lasted in the 2-3 month range, seeing it like a quarterback who pads his stats by compleing short passes when his team is hoplessly behind and the opposition is playing all their back ups.
To that I say Cena is the most popular guy in the company - period - he is the one guy they know can draw a crowd, pop a TV rating, he's not Hogan-like in his main stream good guy appeal but he is recognized and popular. He'll never out perform Flair but he has had on occassion dleivered some very good performances in big matches vs HHH, Orton, & Edge. Ultimately, even if he does surpass Hogan & Flair and get to 17 titles, everyone will know he is not as big a star as those two historically, but he is a big star, the biggest one today. Remember, Brett Favre hold the NFL records for career completions, yards, and touchdowns, yet when people debate who the greatest quarterbacks of all time were he is never mentioned as much as Montana, Marino, Elway, Unitas - over the last decade Tom Brady & Peyton Manning have joined that debate, more so than Favre. He may hold records, and there is no doubt he was great player, a great talent, and had a great deal of success, but records alone don't mean you are the GREATEST - We can still accept Cena's accomplishments and success without thinking he is somehow better than Hogan & Flair (and maybe Triple H since he's high on that title count list) just like football fans accept and honor Favre's accomplishments without seriously thinking he was better than Montana, et all