Average leaning toward good.
It's been rather good BUT one thing that bothers me in particular is the lack of main eventing on PPV's. This is the WWE Championship, it's "supposed" to indicate who the top guy is. Cena VS The Rock or even Brock Lesnar I can understand going on after it, but the matches against Kane or Johnny? Come on. Flair even said so himself, the world title needs to go on last. That's honestly the only real problem I have had with Punk's reign though. That and the whole Kevin Nash texting himself or whatever storyline that ended up being a huge waste of everyone's time.
He has had some decent feuds against guys like Del Rio, Cena, Trips, Jericho, Bryan, and Kane. The reign has lasted 200+ days at this point, and it would be cool if it made it all the way to a full year. I doubt that will happen, but it would be really cool if it did. The Jericho and Bryan feuds alone have made up for the issue of the title matches not main eventing. I do hope Punk begins closing shows again in his title defenses though. There is absolutely no reason why Cena VS Big Show should go on after the title match. None. I am not letting that bother me too much, even if it does annoy me. It doesn't change the fact that Punk has been feuding with Bryan for the WWE Championship, main event or not.