Here are my thoughts on Punk!
1) He is nowhere near as over-rated as Zack Ryder. I can understand people investing in a C.M. Punk a lot more than some geeky doof who wears a headband and one pants-leg, but is considered "cool" because he discovered modern technology and got himself on youtube and twitter. Big deal! At least Punk deserves a push!
2) I think many here do over-rate Punk, but I think that he is good enough in the ring and on the mike to main-event PPVs. The fact is, there needs to be someone else emerge from the pack, so that we can have someone else main-event who aren't named Cena or Orton. Mind you, you can't really get a guy like Punk over if they do what they did earlier this year, and had him job to Randy Orton again and again. If the WWE were really invested in Punk, they would have had him go over Orton once or twice in their feud.
3) I think a lot of people here like Punk's "anti-authoritarian" character because it reminds them of their "god", "Stone Cold" Steve Austin. It seems that, ten years later, people have not got over the fact that SCSA has retired, and need their "fix". I'm sure that the IWC right now are getting their jollies about the thought that Punk and Triple H could be Austin-McMahon II, with Punk being SCSA and Triple H being "Mr McMahon". Because, in the end, nothing will satisfy the IWC more than a rehash of the "Attitude Era".
Next, they will want Punk to flip birds, drink beer and swear (which would be ironic, given that he was previously "Straight-Edge"). Maybe Punk could act even more like Austin, by hitting women and walking out on the company every time he doesn't get his way (maybe that he why he left after "MITB", to emulate the "Stone Cold Walkout").
4)Personally, I think he worked better as "self-righteous and judgemental ". He could have had the gimmick that he is "purifying the WWE, and purging the evil-doers". This would have got him tremendous heel heat, since he would be a PG-like anti-"Stone Cold" like character. But then, the IWC wouldn't laud his stickwork or wrestling then, since they can't enjoy the WWE anymore if there are no cuss words, swearing, rebellious behaviour etc.
5) What I find funny is, that a little more than a year ago, the same people were on here, lauding another storyline, saying it would "save" wrestling, and buzzing about how it was the best thing since the "Attitude Era" (which is the IWC standard-bearer for everything). It was suppoused to revitalise the WWE, and they too, were "anti-authority" and stood up to WWE. I'm talking about the original NEXUS! Remember that. The same things were being said then, and look how that ended up. I'm betting that Punk will go the same way (which would be a shame, because of point 2).
6) I think that a lot of wrestling "people" who come on here and "hate" on wrestling. It seems that it is cool these days to "hate" on the product, on WWE, on TNA, and on everything else. Mark Madden does it, a lot of the IWC also do it. Just like people boo John Cena because they are sheep wanting to be "cool" and "hip", "hating" on wrestling has become the new fad. If these people really thought the product sucked, they wouldn't watch wrestling anymore, let alone spend the time they do, analyzing every bit of minutae that happens. When someone like Punk comes along, and says negative things about WWE, he instantly becomes "cool" as well. A lot of them like Punk now because he says what the sheep want him to say.