I also think that NXT should just be more like the ECW brand. Obviously it was nothing like ECW, so it needed a change. Do I like NXT as it is? Yes. Though I would prefer to have an actual regular third brand, such as WWECW. I don't think it should be replaced with FCW, however.
NXT is about taking the cream of the crop from FCW and putting them in prime time. Now, I know there's some wrestler's(like Otunga) who still need lots of training, but WWE has a reason for each of those guys to be on cable. Also, FCW is known for changing gimmicks and names around. I know that Percy Watson was just Chris McNeil and some point and I don't know if he had a gimmick yet. Point there is, obviously without a real name or gimmick, you're not gonna get over. FCW is great for expiermenting(sp?) with gimmicks in front of crowd to see what works and what doesn't, though not perfect.
IMO, like a poster before me, they should just take the wrestlers who are ready for the next level and give them their own brand and give them some actual pro's like WWECW had to feud with.
But as I've said, NXT is cool as is. It's pretty fly. My biggest concern is taking people from NXT and putting them into the Raw or Smakdown roster, but that's another thread.