The problem with WCW was real simple, they depended too much on old WWE guys to draw.
examples: Hogan, Hart, Savage, Hall, Nash, etc.. etc... Ric Flair and Sting were established names within the NWA before WCW formed, so that doesn't count.
WCW was damn good at meshing too big names together that sold PPV's. They didn't need storylines, because who didn't, at the time, want to see Hogan and Warrior. The best example of a WCW PPV has to be Halloween Havoc 1998.
Hall vs. Nash
Warrior vs. Hogan
Goldberg vs. DDP
Sting vs. Bret Hart
Jericho vs. Raven
Steiner vs. Steiner
That PPV sold itself with names, not story lines. And the formula worked. But guess what happens, all those guys start to get injured and by mid 2000, everyone is gone. So what does this leave, a huge void. A bunch of young guys come onto the picture, but guess what, with no name talent to get them over, no one cared. WCW couldn't create anyone on their own during the Monday night War. One name and that's Goldberg, (anyone remember Prince Iaukea and Glacier?).
It is fair to say, WCW on the day it closed had just as much raw talent as the WWE, I won't dispute that at all, but the fact is that they sat on their hands too much and it bit them in the ass, and that's why they are gone and WWE is here.