Just because the previous champions had worse title reigns, that does not mean that Cody's reign is good.
Common logic would dictate if someone did something worse than you, that means you did something better.
Overlooking a title always hurts the prestige. Cody rarely even mentions that he holds a title. For example Dolph Ziggler, no matter how many world title matches he was in, always made reference to being champ. You can tell Dolph wanted to keep his title. Cody's belt is taking a back seat to his feud with Big Show right now.
When Cody Rhodes dropped the mask, he changed his gear to match his Championship title. He does more than enough to promote that he is the IC Champion. Hell, you would be foolish to think his title is taking a back seat in any of his feuds. Booker T wanted to take the title away from Rhodes because he wanted to humble the second generation Superstar. And now Big Show wants to do the same thing, but with extra incentive to prove he isn't a Wrestlemania bust. If you're unable to see how important Rhodes has made his title, than I can't help you.
It would be the next logical step in Drew McIntyre's progression. You can also have Johnny Ace cheat to let Otunga take the strap, since Teddy Long put a Raw title on a Smackdown guy. Also as I stated earlier in the thread, it's time for Dibiase to move up the ladder.
You can't have a heel take the title away from a heel. Besides that, the title is already being put on the line against Big Show at Wrestlemania, which also seems to be the big pay-off for the Teddy Long/Johnny Ace storyline. And really, Dibiase as champion over Cody Rhodes? I don't know if you noticed, but he gets the same reaction as the average ref. If you think the title would be in better hands with Dibiase than Rhodes you truly have no idea what you're talking about.
You hit the nail on the head when you said generic, but I don't see him as obsessed, I see him as generic, plain, boring. After he lost his mask, I wanted him to progress, I was hoping for a new mask. A Mankind/Abyss type of mask to progress his character. Instead they took his mask off and he has no character.
Why would he need a new mask? He out played his grotesque gimmick. If he put on a new mask just because he wants to put on a new mask it would get stale quickly. But you obviously fail to see the growth of Cody's character.