Now that's it's over, I don't think Miz's first reign was all that bad..but it just felt uneventful. The only match I'm going to remember from his first run was the Raw match against John Morrison, but even then I'll remember it more as one of those times JoMo got close. I still think JoMo will win a title and become a star, at some point, so I think in the end we'll remember that moment more because it was when we first started to see that he might do it.
I'm going to go out on a limb here and say that it's because of Money in the Bank that Miz's run felt weak. It's a weaselly way to win a title, and I for one felt like it was forced because they were trying to hurry him along. Maybe if they had played it traditionally like, let Miz beat Randy Orton or someone in a, "winner gets a title shot," match and then have him beat Cena in a one on one match later, then he would have felt like a more legitimate champion, which was obviously a big complaint among a lot of fans. It seems as though MitB violates a key Wrestling 101 rule: when trying to create stars, put them over other stars. With MitB, nobody is really getting put over; it's just a forced title change. I hate to complain about MitB (which is apparently my new favorite acronym,) because it's usually a pretty good match, but I feel like the shine has worn off and it's been revealed as not a great way to build a star.
The only person to use it to propel them to stardom, in my opinion, has been Edge, but he had been around for what seemed like forever and people really wanted to see him just hold the belt. It was also really good timing because of the Cena-exhaustion people were feeling at the time, but I also give Edge all the credit in the world for taking the ball and running with it. Punk also did well to win it twice and cash in, but I feel like he's just now starting to come on as a top talent for WWE and I don't remember much from Punk's reigns except for his Undertaker feud.
I think Miz just needs to get involved with a guy like Rey or Big Show, work on his fundamentals a little more, and come back a little better. A lot of guys first reigns weren't their best reigns, so Miz shouldn't feel bad at all about it. If he works to make his character a little more edgy, maybe cut some promos that aren't identical to all his other promos (had to throw that little jab in there), and get back in the picture. Miz will come back and do it again, there's no doubt about that, but I just want to see him get a little more personality. He has the potential to be a great star, and I think he will be, but he's got some more growing left to do. Personally, I also think a feud with Jericho would be very good for Miz.