Miz is mediocre at best, and he was a shit face, but Flair didn't help matters. In fact, Flair's presence made everything worse. Ric Flair is a very flamboyant and flashy character, with a legendary track record in the world of pro wrestling, so his presence will overwhelm damn near anything he's involved in. And the Figure Four? It didn't fit Miz, at all. I can't count the number of times I laughed, as Cole tried to play up the severity of Miz locking on the Figure Four.
More recently, I'm reminded of the horrible disaster of heel "Nature Boy" AJ and Flair in TNA. The man Flair was supposed to represent couldn't measure up to Flair's stature and legacy, and I have the same feelings about Miz/Flair. A handful of years ago, Triple H/Flair worked, because Triple H was such a dominant force as World Heavyweight Champion, and he was still building on a HOF worthy career. In order for a pairing with Flair to work, you have to pair him with a main event level guy, or someone who has the potential to be a main event guy. Miz will never be that guy.