I've actually really enjoyed the TNA product within the past few months, so if you're looking to get back into things, now is probably the best time to do it. I've found their PPV's are a little weak in delivery, but the weekly show is doing it for me much more so than Raw or Smackdown has been. A lot of their divisions have taken serious hits this year with injuries, people leaving the company, and others just moving on up the card. So a lot of people will look at TNA and say that they have no real competitors in any of their divisions... That's because they're in a re-building season, and trying very hard to make those divisions mean something.
Tag Team Division: Injuries, plus the split of Beer Money severely crippled this division. Ink Inc had a good thing going, but with Jesse Neil getting dumped on his head (literally) that's over. Matt Morgan and Crimson are currently the tag champs. I had thought this was a terrible idea, but they've cut some really good promos, and generally make their similarities work in the ring. The Wild Card tournament, which started three weeks ago (I have a thread on it in the TNA section if you want to see all the teams) put together random teams and pitted them against each other. The winner faces the champs at Genesis. This was meant as a way to see if they could develop new teams out of the current roster, and I actually think it's working quite well. Give it time...they're doing the best with what they have.
X-Division: Probably a shell of its former self, but they are trying. After they took the belt off Abyss (thank god!) and started giving it more of a focus, I was on board. I don't particularly care for most of the competitors, but Austin Aires is the champ, and a lot of hardcore fans seem to like him a lot. Kid Kash is back, although I detest his mic work... They're trying hard to built up younger, newer faces, so don't be surprised if you dont' recognize anyone in the division.
Knockouts Division: Karen Jarrett was recently in charge of the division, but she was "fired" along with Jeff so they could work on other projects outside of Impact. I thought she did a really great job drawing heat in the same vein as Vickie Guerrero. They brought back ODB and Gail Kim, who is the current champion. Mickie James is the primary challenger, and I have NO idea what is going on in the Knockouts tag division. THey really don't spend any time focussing on it at all...
World Championship Division: Bobby Roode and Jeff hardy will headline Genesis. Roode has spent a few months cheating his way into victories, and done an overall great job as champion. Hardy defeated Jeff Jarrett in a cage match to give him the shot at the title. I really like how they've handled Jeff's time back. It took them several months, and a lot of grace and forgiveness from the fans and backstage talent to finally put him in a title match. I expect Roode to retain.
Other feuds: There is a Pope/D-Von feud over D-Von's kids right now. The kids and Pope both turned heel, blah blah blah, classic family feud. It's alright...good PPV filler if nothing else. RVD and Daniels have been feuding for no real reason, but apart from that, who's going to complain about good matches? I guess there's a Monsters Ball match between Abyss and Bully Ray at Genesis, but I'm two weeks behind right now, so I can't exactly tell you why. They have been fighting since Abyss turned on Immortal.
You also should know, Bully Ray became one of the best heels in the industry while you weren't watching. Yes, I'm serious. Immortal is pretty much dead since Hogan turned. And there's no real room for complaint about Hogan and Flair taking up screen time, since neither of them have been seen recently. I think that about wraps things up... I've really liked the weekly product, and as I've already said I find my lack of expectations more rewarding than the high stakes I've placed on Raw over the years. Good luck, and I hope you enjoy your return to TNA.