Although I'm always glad to see the rare site of people actually using historical facts in their opinions, I'm going to take a slightly different approach. Val Venis wasn't as awful as he became, and was pretty popular. He was like an Attitude version of Rick Rude. The Chyna move I liked as well. What I think was the death to the title was NOT having it at Wrestlemania, which will happen again this year. 2003 was the first time (in recent history) that the title wasn't defended at Mania. Champion wise, it was Christian, Booker, RVD, Jericho, Orton, Edge and guys that really made it, but the title itself didn't last.
Here are the matches that did occur instead of an IC match since 2003:
2003:
Matt Hardy vs Rey Mysterio for Cruiserweight (another title worth a thread)
Undertaker vs Big Show AND A-Train
Shawn Michaels vs Chris Jericho (could've been the title match)
Hulk Hogan vs Vince McMahon
2004:
John Cena vs Big Show for United States title
Flair, Orton, Batista vs Mic Foley and The Rock
Sable and Torrie Wilson vs Stacey Kiebler and Jackie Gayda
10-Man Cruiserweight title Match
Victoria vs Molly Holly for Women's Title
2005:
Trish vs Christy Hemme for Women's Title
Eugene getting beat up by Hassan, to be saved by Hogan
Akebono vs Big Show in a Sumo match
Kurt Angle vs Shawn Michaels (IC?)
2006:
JBL vs Chris Benoit for US
Boogeyman vs Booker T AND Sharmell
Edge vs Mick Foley in a Hardcore Match (great match btw)
Shawn Michaels vs Vince McMahon
Torrie Wilson vs Candice Michelle in a Pillow Fight
2007:
The Great Khali vs kane
Benoit vs MVP for US
ECW Originals vs New Breed
Lashley vs Umaga, hair vs hair
2008:
JBL vs Finlay in a Belfast Brawl (IC?)
Batista vs Umaga
Kane vs Chavo (10 second match)
"Bunnymania"
Big Show vs Floyd Mayweather
Now I know the Money in the Bank match takes up a spot on the card, but in each of those PPVs, the IC title, which is supposed to mean something, hasn't even been defended. At the same time, the United States title has actually been used, even though it isn't WWE's belt, legacy wise. WWE can either make the belt matter, by giving it to guys that already matter (A listers), or use it to elevate guys (which apparently ECW is for), but not having it in their biggest event, while pillow fights make it, is an insult.