Wow. This is a really heated topic. Haha.
I could care less about Miz's first reign. It's just started, so you can't really bash it. But, I was never a big fan of the guy because I think he's generic. He can work a crowd and, though I think he's a little overrated at it, he can work a mic, but I was never a big fan of his ring work, and that's what is important to me as a wrestling fan. Basically, I don't agree with all of you saying that it's the Miz, even though I'm not a big fan, either.
I considered saying Jeff Hardy and not because of his lifestyle, either. I never, and I mean never liked Jeff Hardy or appreciated his work. The guy was just a flying bump machine, he was never a real wrestler. I'm sorry for pissing all over the Hardy Boys, but that's my honest opinion.
However, I'm not going to say Jeff. I'm going to go with mral82 and say that the obvious choice (if we're strictly sticking to the WWE Championship) has to be Kane. To this day, I'm not sure at all why that reign even happened. Kane won the title in a first blood match...where he was wearing a mask. Therefore, we all knew that he was going to win. But, then he just drops it back the next night; who, what, when, where, and why? It was a waste of time, it's embarrassing to see it come up in the record books, and I feel that it's the obvious choice.
I'm going to make what could be a bold statement now, however, and suggest that Batista's last run with the belt could be one of the worst, as well. Did they need to throw the belt on him to have a match with Cena at Mania? No. The WWE just used the belt as a prop to pair the two together. Don't get me wrong: the whole, "Batista jealousy" thing worked out okay in the end. But, was there really a point in Batista holding onto the belt for just one month after winning it in a chickenshit way, only to drop it back without any chance of regaining it? They could have just as easily had the match without the belt transfer, and therefore I'm still very sore about the way the belt was treated.