I would like to think that the ECW Championship would be recognized as a world title, but it's not. As mentioned abouve; it obviously doesn't have the credibility that it once did, and that is a real shame.
Considering all the past ECW champs who held that title, what is seems to me is that it turns out that Vince looked at them all like gum on his shoe that cling on until you scrape them off. Jerry Lynn, Taz, Sabu, Dreamer, Sandman; they were all reduced down to mid-card status, or hardly even put on TV at all. Lynn, being the ROH title holder right now, was immediately placed on Heat, and released later on. Vince saw ECW as scum, bought it out, and used it as the trash he thought it was. Hell, he has a frickin' DIVA as General Manager. I bet you anything that Heyman is laughing his ass off and vomiting at the same time at creative for THAT dumbass idea.
The way that title is being used is a disgrace; I see it as a mid-card title, no more than the US or the IC belt, with the way it's presented. And in all honesty, I could very well see MVP (or any other strong midcarder without a storyline) be booked as the ECW champ later on, sad as that may seem (even though MVP is a phenomenal superstar).
So, I think that no, the ECW championship is not a legit world title. Sum that up to Vince. And I bet you if and when TNA succumbs to the WWE superpowers and Vince buys them out, he'll combine the TNA and ECW belts somehow.