I don't believe that the X Division will ever return to the days in which it was really the centerpiece of TNA, or at least one of the centerpieces. Most of the wrestlers who were part of the X Division in its glory days have moved onto other companies, have generally faded into relative obscurity and/or wouldn't be all that relevant if they returned. While people have often expressed the desire to see the likes of Styles, Daniels and a few others return to the X Division; it'd have to be viewed as a big step backward with the X Division in its current booking format.
Triple threat matches, like most gimmick matches in general, aren't supposed to happen all that often. If they do, they lose their novelty. To make matters worse, X Division matches now consist of three interchangeable wrestlers with no hype, build or anything being told to try to cram 15 minutes worth of action, which usually consists of one spot or another, into a 4 minute match. The result is a match with wrestlers in it that's largely forgotten about as soon as it's over.
The only way the X Division is going to feel at all like it's something that's a worthwhile aspect of TNA, aside from the a few weeks out of the year for Destination X, is to create feuds, storylines and wrestlers with characters for the fans to want to invest in. The only storyline in the X Division, apart from Destination is, consists of a random gathering of three interchangeable cruiserweights that have no real reason to wrestle other than killing 5 minutes of air time. As I was typing this, I suddenly remembered that there's an Ultimate X match set for tonight's show to determine a new champ but I can't think of any of the three men who are competing in it.