The MEM has done absolutely nothing for me. I personally do think it an uninspired, overall weaker version of the nWo. I've never been overly wild about TNA's product, though I admit that I've enjoyed the last couple of episodes. However, my enjoyment of these last few Impact episodes haven't really had much, if anything, to do with the MEM.
The MEM storyline, for me, hasn't improved with time but has only declined. I think the overall concept was better with just 5 members but, now, there are "associates" like Matt Morgan and Traci Brooks, useless hanger-ons like Jenna and Sharmell and now the World Elite are, all but in name, part of the group and the Taz/Samoa Joe addition just doesn't bring anything to the group. Joe has been essentially made to look like a cross between low level lackey and a wet behind the ears rookie, while Taz just doesn't have that old spark he used to. He's spent a decade as a commentator and, since he can't wrestle anymore, he just seems like a soft has been that I just can't warm up to.
Even then, my problem with the MEM overall is that it's made up of guys that I either have never been fans of and/or guys that are well past their physical prime and put on shitty matches. Of the original MEM guys, Angle is really the only one I like. He can still go at a level comparable to what he was doing 10 years ago, as can Booker T but I've just never gotten into Booker. I'll crack a smile or laugh a little at the guy every so often, but generally not a huge fan of him. Sting, while I respect the guy, seems to show his age and limits a little more each time I see him. Nash and Steiner are just shit, just pure shit to watch in the ring now. Nash is still pretty good on the mic, but the guy is definitely too far gone to be an effective in-ring competitor.
As to the ratings, I really don't see how the MEM has delivered. When the MEM began, wasn't TNA averaging a 1.2, making it to a 1.3 now and again, and isn't that what it's averaging now? Granted, they haven't driven people away from the show, so that can be counted as something of a success.