I'm not all that thrilled with Cole, but I'll take him over Mike Adamle any day. While I don't think he's great, he's not really all that bad either.
I'd love to see Bobby Heenan back if they were able to find someone that he has chemistry with. Unfortunately, Heenan's health is pretty fragile right now and really has been for quite a while now. His days in the business are pretty much over.
The reason JR really isn't up to par anymore is, due in large part, to Vince himself. From what I've read and heard, Vince instructed JR to tone it down quite a bit. JR screaming like some madman until he was hoarse and, sometimes, yelling those great bits like "slobberknocker" like only a Southern boy can was not only entertaining, but it made me believe that he really believed what he was seeing.