I love CM Punk, but this title reign has been going on almost completely in the background since it started. For a guy that has insisted on "making wrestling fun again" and being the best in the world, he really allows himself to take a backseat to not only whatever is going on with John Cena, but to his opponent as well.
Survivor Series: CM Punk won back the Championship in a decent match on a very special night, but ultimately it didn't feel that important. I blame a) the Rock and John Cena being the most heavily booked thing on the card, and b) Punk should have never been flip-flopping the title with Alberto del Rio in the first place.
TLC: CM Punk defended the WWE Championship in the main event for what would be the last time (up till now he's been the secondary or tertiary event on every PPV). Great match, and a good set-up with Miz and ADR working together. One of the highlights of Punk's title reign.
Ziggler/Rumble: The short feud with Ziggler was great. There were a lot of people on both sides of the fence here, and why not? Nobody wanted Punk to lose, but everyone wanted Ziggler to win. Good match, obviously.
Elimination Chamber: Awful build up to this match, with Chris Jericho already falling flat on his face post-return. The way they "eliminated" Y2J from the Chamber was silly, unnecessary and ruined the whole match, in my opinion. Didn't exactly book Punk as a strong champion, or Jericho as a legit threat. It also kicked off the night...
WrestleMania: Good match, still not a very interesting feud going in. At this point I didn't care about Jericho, and although they had ONE good week of promos between the two, it wasn't enough to sell me on a feud that literally should have sold itself. Like, you almost have to try to make something between those two bad... It also played third fiddle to Hell in a Cell, and Rock/Cena.
Extreme Rules: I was there live for this event, so I may be a little biased, but it was the highlight of Punk's title reign thus far. Jericho and Punk FINALLY clicked, and their match was incredible to watch live. Still...Cena/Lesnar was booked a bigger deal, and when we left the arena this wasn't the match everyone was talking about.
Over the Limit: I like this feud, because it's been simple and purely based on who is a better wrestler. At least up until this point, anyways... A great match, but one that somehow played second banana to a main event with John Laurinaitis.
So here's my take on CM Punk's Championship reign. He hasn't had a BAD match yet, and nobody expects him to. He's had some really good matches with decent builds going in; primarily at Extreme Rules. He's had a load of great opponents that match his size, speed and skill; Alberto del Rio, Miz, Dolph Ziggler, Chris Jericho and Daniel Bryan. A great list! But the whole time he's taken a backseat, settled for the hour-one time slot, and in my opinion just hasn't stood out as the WWE Champion. You would think that since WrestleMania John Cena was the Champion, but it's simply not true. But at the same time, I applaud WWE for that move. Fans WANT to see Punk as the Champion, but they also provided solid entertainment in Rock/Cena, HHH/Undertaker, and Cena/Lesnar. I don't have a problem with Punk letting those guys -- the big "draws" -- take over the hot seat. What I have a problem with is Punk's lack of attitude and "ground breaking" material that he got popular because of, just one year ago.
So the reign has been decent. I'm happy with it, and it's better than 90% of title reigns we get these days, but it could have been way better.