Chris Jericho and the WWE have a lot of options when dealing with his character, which is now on Raw, and I for one am quite happy about it. It seems as though his feud with Edge is over, Cena and Batista will be going at it for at least another month, Orton and Edge might be into some kind of feud, etc., etc. But remember, WWE often books more than two guys to fight it out for the WWE championship. I could very easily see Jericho and/or others entering the Cena/Batista feud for the WWE Championship.
If Jericho stays heel, I can easily see him being the next to challenge Cena for the WWE Championship. Batista is more than likely leaving the WWE, so that feud will be done after the next ppv (if not sooner). I know there are other superstars who could possibly be in line for a feud with Cena (Edge, Orton, Sheamus, etc.) for the WWE title, but Jericho is the only guy who really doesn't have anything going right now, along with Sheamus. So that's always a possibility. You have to think about it, Cena/Batista only has about a month left, so it's not like Jericho will be sitting around doing nothing for too long.
Also as a heel, Jericho could engage in a feud that has nothing to do with a title. They could throw him into a feud with a younger, mid-card face, like John Morrison or R-Truth. Also, never put it past the WWE to put together some random, superstar-style tag team like ShoMiz. I could see Jericho ending up in another one of those, although I don't think it's likely.
The face turn is a good option as well. I too have become bored with his heel character (at times). It would be good to see the old Chris Jericho, the Lionheart, back to his comedic ways. He and the Miz could have a great feud for the U.S. title for the next month or two, if Jericho were able to pull of a complete face turn that quickly. Also, as a face, he could have a nice feud with Ted DiBiase over the Million Dollar title. And then there is always Sheamus, who isn't really doing any in particular at the moment with Triple H on the shelf. Jericho can drop down to the mid card, and it will never hurt his chances of coming back into the WWE title picture, he's done it many times before.
As usual, I think the options are endless for Jericho. I would like to see him turn face and have a feud with The Miz or Ted DiBiase. But who knows what they will do. Smackdown is now pretty low on talent (when compared to Raw that is), so Jericho could have had a nice run over there. But I was ready to see Jericho back on Raw, and hopefully, somewhere down the line, as a somewhat comedic babyface.