I think Will is underestimating Hardy. Since his returns we have seen a completely different wrestler. His matches are filled with a lot less spots then they used to be.
The only reason that could even remotely be true, is only because he isn't wrestling in nearly as many ladder matches as he used to. However, I think you're missing the point of what "I" consider to be a spot.
"I" see a spot not only as a dive off something high, but as well a wrestler hitting all of their signature moves. Hardy doesn't do anything different, he goes out, does his normal stuff, and thats it. And as far as him returning as a different wrestler.. HOW?! He hasn't changed one thing about what he's done. Its the same watered down, "high risk" stuff you always see.
He has improved leaps and bounds with his story telling ability, his mic skills are a lot better than what they used to be, he botches a lot less moves, and most importantly, is the most over star the WWE has right now.
Story Telling: I'm fascinated with how you see Hardy leaping off something high week after week as telling an incredible story.
I can see it now. Hardy leaps off a ladder, to which J.R. says "
By Gawd, King, did you see that? Hardy just said he's coming for the W.W.E. Championship!" Then Hardy a week later dives off a scaffold to which J.R. then says "
Holy crap, King, Hardy just said he won't back down! He's completely determined to be Champion!" To finish it all with Hardy leaping off the top of a building, in which J.R. finishes up by saying.. "
CENAS BACK! CENAS BACK! CENAS BACK!" Because you should've knew long ago, when John Cena's music hit, Hardy's dreams of being anything other than a spot worker went up in smoke.
Mic Skills: The only reason they're anything better than before, is because before they never let him talk.
Less Botches: He works smaller amount of time during the match. He doesn't have as much time as before to screw up as much.
Over: I think you could've stopped by simply saying "Jeff Hardy is over." But not in the sense you'd see it as. Because once again, with guys like Cena being back.. Hardy won't ever see the Main Event again.. (unless of course, its as Cena's partner)
The crowd reacts to him. And it just isn't the spots. They react to his appearance, his promos, his entrance, his offense, his comeback. They react to everything the man does, and in wrestling that means so much. You can be the best damn wrestler on the planet, but without a crowd reaction you're worthless.
The fans do incredibly react to him, but thats only because people love violence. They love seeing risk, and injury. Hardy gives them that. I'm almost guaranteeing you right now.. someone could walk out with a gun, shoot John Cena in the face, and the building would erupt with ovation! Hardy isn't anything special when it comes to ovation, he just risks his body more, which is what the fans want.
I really think it was a mistake for them not to give Hardy a 1 month title reign and for him to lose it back at No Way Out. Sort of test the grounds. I think he could be considered a serious, 100% legit contender, by the time next years Rumble rolls around though. He needs to keep imporving, keep working, and spend some more time at the main event scene.
One Month Title Reign: I think it would've been incredibly stupid, and basically running the W.W.E. Championship through the mud to have Hardy win it for a month, then drop it back to the guy he won it from a month later. The Championship deserves to be held by someone who'll carry it, and make it look at its best. Hardy isn't ready for that yet. AFTER Mania, he might be.
Could you imagine if Hardy, being the underdog he is always billed as, came in the Rumble at the 1 spot to win? The crowd reaction that would generate would be absolutely amazing and do tons for the WWE, IMO of course.
Rumble Spot: The #1/2 Rumble spots are highly overrated anymore. Ric Flair in 1992 did the "unthinkable" when he won from #3. Shawn Michaels did the "impossible" when he won from #1. Chris Benoit basically made the number look iffy, because people knew he was gonna win it, dispite being #1. McMahon made the #2. spot look like a sham when he didn't even stay IN the actual match, yet ended up winning.. and finally, Mysterio made the Rumble look completely rigged and fake (no offense to Rey) because they made him completely underdog the whole thing and win.
If Hardy won the Rumble, it'd be shocking, no doubt.. but I'd rather see him enter #9, or some odd ball middle number to do it. Of course I won't have to worry about that, because I doubt Hardy will ever win something as big as the Royal Rumble.