Well, right now, there is no war between TNA and WWE. TNA is like the North Korea to the WWE's United States. Sure, they may make some threats once in a while, but once they get the slightest bit of attention, they go back to being quiet for a few months before beginning the cycle all over again. That's what TNA has been. Right now, they are making their move, as desperate as it may seem, to get WWE and the wrestling world's attention. "Hello, we are TNA. And we're knocking on your door to say 'Hi. Would you like to buy what we're selling? Here's what we got.' So get ready, WWE. The door is about to be hit."
As was mentioned before, the advent of DVR and Tivo makes counting the ratings a little more difficult. There's also Hulu and YouTube, which will play a role in this whole scenario undoubtedly. If someone posts a Monday Night Impact on YouTube, will people be more likely to watch later in the week Impact on YouTube than watch it live? Will this help boost TNA's ratings in the future or further complicate the gap existing between TNA and WWE?
Either way, the Monday Night Wars meant a lot to professional wrestling. It changed everything. If you don't see it, you aren't watching wrestling. Even as watered down as WWE has become, it has definite flavorings that exist thanks to the efforts of that time frame. TNA gets away with what they do because of the outrageousness promoted by the WWE at this time. It was the time period where WCW almost drove Vince McMahon out of business and forced him to do something he hasn't had to do for 8 years now: compete, innovate, and create! McMahon proved with or without Russo during that war that he could hold his own when pushed to.
Will TNA ever reach the status of WCW? I doubt it. But for wrestling fans, on one night, there will be that alternative from Hornswoggle. There will be that alternative to lame guest hosts who can't even remember what the next PPV is called. And yes, there will be that alternative to anything and everything John Cena. And frankly, I welcome the competition on that one night with open freaking arms.