This is actually a fine idea -- I fully support it. The United States and Intercontinental Championships have no reason to be separate, at this stage. WWE would benefit more from bringing them together, cutting out the excess fat in the divisions. It's not as if there are a bunch of people on the roster who will "suffer" from this, either, as there are only one or two challengers for both of the championships. By merging the championships, you'll have a less diluted midcard and you won't have to put up with forgettable reigns (like Jack Swagger's recent United States Championship reign).
Don't get me wrong, I don't think that a merger will solve all the problems with the midcard championships, but it'll do a hell of a lot. Sure, the title won't be a stepping stone to the main event, like it once was, but a merger can certainly help elevate it. I'd rather see the likes of Christian and Cody Rhodes fighting for the midcard title, without looking at the other midcard title and seeing Santino Marella and Ricardo Rodriguez battling over it. The two championships are at two totally different extremes -- a merger would solve that. Plus, with the end of the brand extension (basically), it just makes more sense to have ONE midcard championship. I'd rather have a smaller pool of challengers, with the one championship anyway, as then you wouldn't have to be elevating lower card guys just to have enough challengers for your championships.
A merger is the way to go.