The answer to your question is NO!
While the Championship isn't seemingly very exciting right now, on John Cena, that's because it's not exactly meant to be. Heavyweight Championships are often more exciting on heels because the face is chasing so hard after them. Heels don't chase well, because they aren't and shouldn't be put in the role of a chaser.
It's extremely hard to find mention of feuds between a face and a heel, where the face has held the Championship and feuded with the same heel for over 2-3 monthes. I think in recent memory, only Edge & Randy Orton were given those roles. Orton chased Cena, yet did things that ironically made Cena chase Orton. Whereas Edge played a role that just "gave" him rematch after rematch, which set it's own story up.
John Cena isn't doing anything exciting right now, because I think the W.W.E. is learning to not fully shove Cena as Champion down our throats nearly as hard as they did the last time. Right now though, there is much flare surrounding the Championship, you just have to look for it.
J.B.L.'s "chase" for gold is workable, but not exactly thrilling. Wait until after the Royal Rumble, especially if Randy Orton ends up winning, and watch the fun for the Championship begin.. and carry all the way to WrestleMania.