In the last months I have watched a lot from that time again and I'd say there was about one really awful year (and a little more), namely beginning with Diesel's reign and Hogan dumping his bucket of suck over WCW. The Hart feud before and some other stuff were pretty good in my opinion, as well as the competition in WCW with Steamboat, Pillman, Austin, Vader, Flair, Sting or Foley to name some.
In my mind things picked up again around when Nitro and In Your House debuted, Diesel and Hogan ended their horrible reigns and the companies began to really compete, getting their shit together and trying out unwalked paths. The spawning Hart - Michaels feud, Austin's rise (both resulting in the Border War), the NWO, Taker - Mankind and later Kane, fresh styles of wrestling and generally the transition from old concepts (which still provided solid concrete for the new time to build upon so to say) to new was amazing and I doubt we'll ever witness a time like this again. In fact, if I had to make a list of my favorite storylines it would be topped by the Border War and the NWO and a lot from that timeframe would make the cut.
So yeah, wrestling was really awful from around fall 94 to winter 95/96, but the time around it was very good in my opinion. In my mind 1996 - 1998 was the really revolutionary time in wrestling and not that much the nowadays much adored years of 1999 - 2001.