Dum Dum Dudley
Alberto Del Rio's English Announcer
To me, when Nitro won it was when they really stopped treating it like a world title. Up until that point, it had been considered up there with the other two titles, with Big Show in the Champion of Champions match at Cyber Sunday, and with the Lashley/Vince feud being a focal point of both Raw and ECW. But after Nitro won the belt, it was no longer a key selling point of PPV's and was just generally treated like more of a midcard title.
I see your point and i'ld like to make a connection between Nitro's reign and Swagger's WHC title reign. Both guys came from nowhere and from doing nothing to suddenly become champ. Nitro had only just been drafted from RAW and i believe he had yet to have a match on ECW prior to NOC '07. I think this is what made it lose some of it's prestige as it went from being a title where you had to become no.1 contender or enter a tournament (as Nitro's opponent Punk had done) to something you could just walk into.
Swagger did the same this Spring with the WHC and MiTB briefcase but the big difference is that the WHC has more history than the WWECW title and he walked into feuds with recognised guys. Nitro had a young CM Punk has his challenger and CM Punk had Chavo Guerrero when he was champ. Swagger had Rey Mysterio, Big Show and a hugely improved CM Punk. Yes, they aren't world beaters but still highlight the kind of superstars that can challenge for the WHC.