All these recent matches against Randy Orton are really undermining the credibility of Rhodes and the IC championship. I don't recall one of them being for the title, or there even being mention from Randy of being interested in it?!
Whats up with that?
If they truly were trying to re-establish it as a valid mid card title, then why not have a title match in there?!
I really hated how the Intercontinental title was never on the line as it breaks logic for one seeing how Orton passed on a major singles title simply because he regularly gets the main one, but it killed the idea of the re-designed belt.
I couldn't disagree more with you two. For one, it doesn't "break logic" for Orton not to go after the belt, not at all. This feud between Orton and Rhodes was about far more than the belt. They didn't need the belt in there to interfere on what was really going on. Cody Rhodes was getting under Randy Orton's skin, he was pushing him to his limit, he was striving to define himself as a higher caliber WWE Superstar. With all of that going on, putting the Intercontinental Championship into the mix only would have ruined that, muddled the true point. If anything, it would have overshadowed the Intercontinental Championship, so why not just put it to the side and focus on the bad blood between these two men? It doesn't always have to be about championships and in this case it wasn't. This was all about lifting Cody Rhodes' status. It did just that. As the Intercontinental Champion he has already returned prestige to the belt, with a very solid reign and there's no reason that can't continue on. This just gives him the flexibility now, in that he doesn't have to be defined as a mid carder, he can now challenge main eventers and be a fringe main eventer in his own right.
Let's look at it this way, Randy Orton is a top 3 guy in the WWE and probably all of professional wrestling, what he did for Cody, even though Cody never got that one "hallmark" win, is immeasurable. Cody went step for step with Randy Orton and that's something many can't say. His value and automatically the value of the title belt around his waist will skyrocket. I see this feud as a bit of a throwback to how wrestling once was, back when an up-and-comer, especially the Intercontinental Champion, would be working his way to that main event spot, to that World Heavyweight Championship shot. In effect, what they did here was to build Rhodes up more, but allow him to continue to successfully carry the Intercontinental Championship and build his "legacy" with it.
This right here with Cody Rhodes is the closest we'll have to a guy like Rey Mysterio or Chris Jericho holding the Intercontinental Championship in a long time. Sure, Dolph Ziggler was able to do it before him, but if you take a look past Cody, who else can have a reign with the championship, but have that status on the card? Rhodes is looking like Mr. Perfect, Bret Hart, Shawn Michaels, and Razor Ramon did before him, like Randy Savage, Ricky Steamboat, Rick Rude, and Ultimate Warrior did before them. Don't be fooled by the fact that Rhodes didn't defend the Intercontinental Title against Orton, he still did wonders for it. He had a main event-caliber feud as the mid card champion. In today's product, that is VERY rare. Think of what that can now do for a guy who faces Rhodes? Sure, it won't be instantaneous, nor will it have the effect that Orton had on Rhodes, but it will give Rhodes' challenger a "rub" of his own. When the time comes for Rhodes to move on to the main event, he'll be able to drop the Intercontinental Champion, building another solid mid carder there, while being able to work off of his own prior main event status, or whatever you want to call this feud with Orton. This is very similar to how the Intercontinental Championship used to signify the number one contender for the World Title. I'm not saying that needs to be done again, but in this instance, it is a very wise choice.
Overall, I definitely disagree with your ideas of Rhodes and the Intercontinental Championship being devalued. For reasons I have already stated, it is just flat out the opposite of what has really been happening.