My thoughts.
1) Get rid of WWECW forever. Actually, that might be happening with this whole ECW/Smackdown talent merger.
2) Do 5 big shows a year on PPV. Rumble, Mania, KOTR (or Night of Champions), SummerSlam, Survivor Series. Cut the other PPVs completely OR do brand specific shows for Raw and Smackdown at lower prices, but no more than 1 per month. NO PPV in March, giving WM at the start of April more time to be built up.
3) Don't water down the actual wrestling. In other words, don't demand the talent to tone their matches down to WWE's style and limit what they can do in the ring. If someone can't work like Khali or Mark Henry, don't put them on PPV - heck, just fire them. Have fun and entertaining matches that aren't generic punch and kick and chop, chinlock or leglock, sig move or two, finisher. Mix things up a bit. Also, sometimes have matches that are complete spotfests, especially openers to get the crowd pumped.
4) Don't waste PPV time on backstage segments. If there is going to be a big non wrestling segment, promote it ahead of time. Like the Piper's Pit at Mania 21 or the Torrie/Dawn hotel room segment.