As an entertainer Cole is doing a great job, he's garnering heat and playing the whinny little bitch to perfection.. He would be a GREAT manager for a guy like Jack Swagger, and he is a great on air personaility..
That being said GET HIS ASS OFF COMMENTARY RIGHT NOW... He push's his own character at the expense of the in-ring match, he detracts from the talent in-ring, and is all around a huge negative on commentary.. The negative aspects of his character announcing far outweight any entertaining benifits he may have as a on-screen character.. I don't mind a cole segement, and I don't mind him feuding with other people ect.. But he can NOT keep on announcing, he literally ruined Dainel Bryan's initial push with his over the top character (not saying he would have show he is the best or anything, but Cole purposely overshadowed him, and it hurt his overall character in the end of the day).. ( Initially he helped get Daniel Bryan over, but I truly beleive the continued ragging on him while he was U.S. Champ hurt his run, you can't have an announcer calling your mid-card champion a joke every time he enters the ring, it does have negative ramificatioins on how he is viewed. If he was the Miz's manager he would have stopped all interaction with Daniel Bryan after there feud was over, but because he is an announcer he was forced to continue calling his matchs..)
The announcers should enhance the talent, yes there are heel announcers who enhance the heel talent, but you don't see them talking about how they could "beat up" the faces, or ragging on how pathetic a wrestler is.. You see them defending a heel's actions.. Michael Cole does not do that..
In short - Yes he can be entertaining, but he's REALLY over-exposed at this point, and is HORRIBLY detracting from the announcing on RAW. They need to solidify who the announcers are going to be and stick with it.. And Michael Cole needs to move into a managerial role