Let's take a look at Punk's current reign, shall we?
1. Survivor Series: Wins the title from Del Rio and gets in a feud with him. Defends the title on Raw against Del Rio successfully.
2. TLC: Defends his title in the first ever triple threat TLC match against the Miz and Del Rio and retains. His cold war with Laurinitis continues after that and we have a new contender in Ziggler.
3. Royal Rumble: Defends his title against Ziggler with Laurinaitis as outside enforcer (never got why so?) with every possibility of a screwjob. Chris Jericho returns and we are already anticipating their feud at Wrestlemania even before the Royal Rumble.
4. Elimination Chamber: Defends his title against the Miz, R-Truth, Kofi Kingston, Dolph Ziggler and Chris Jericho in an Elimination Chamber match; enters at no. 1 and retains the title.
Since then, having great matches with Daniel Bryan on Raw and Smackdown while being one of the main events at Wrestlemania with Chris Jericho for WWE championship. Now that is a damn impressive reign for me.
He has been working with guys who are new to the main event scene and somehow managed to work with them, in process, elevating them as well. He has had damn good matches, not only on PPVs but on Raws and Smackdowns, week after week. He has always been good on the mic and stayed away from being corny and cheesy most times. What do you expect? All while the focus is still on John Cena and his feuds with Kane and Rock.
He still needs a money feud (which I personally think we'll get with Chris Jericho). He has kept the WWE championship relevant while the focus on John Cena and Rock most of the time. And you have to admit that Cena and Rock is a once in a lifetime kind of match which can actually dwarf any other storyline.
But well well, we just cannot be happy, can we? Really?