This thread is pretty sided that The Miz has indeed not fallen from grace.
The Miz is still doing well. They're still giving him television time, they've placed him in a formidibale and entertaining tag team with R-Truth who'll propably defeat Kofi and Bourne at Night of Champions. Hes joined this little conspiracy angle with Truth which gives The Miz more content to ramble on about, plus there seems to be one thing that so many wrestling fans don't get.
Not everyone, can always be, in the Main Event. The Miz had his like six month reign as the WWE Champion, he was pushed up everyones asshole, he was in the Main Event scene of Monday Night RAW nearly every night. He was pushed against The Rock, given the Main Event of WrestleMania and he even won the Main Event of WrestleMania. He was the flavor for six months, he now moves aside and others come in. That is how the general process seems to work.
The Miz is far from fallen. He is still on the cusp of the Main Event, the entertainment from the segment with Truth last week was brilliant and to be honest that is what The Miz needs. Plus, they used him to get Alex Riley over and he hasn't fallen at all, so once you've got somebody over at your expense and still have a recognizable position on the show, that is when you know you're of value.