I don't know about the argument there that jobbers aren't on TV anymore, as I see them constantly on television. Just last Teusday on ECW they had Snitsky against two big jobbers who he schooled in five seconds. On RAW these days, The Highlanders are just glorified jobbers to guys like Khali, and so and so forth. Jobbing actually hasn't really disappeared or gone anywhere in my book.
The question of who the WWE should fear, TNA or WSX, the answer is neither. They should fear their fans. The fans are the ones that have been putting up with the WWE's ridiculious storylines, piss poor booking, horrible matches, crappy feuds and general all around sucking, and they shouldn't take for granted that they will accept that forever. The fans are already jumping ship to the indies like TNA, ROH, CZW, etc. because of the quality of the product, not because of the storylines. Storylines have always been a huge part of wrestling, but they were always second to the actual wrestling themselves, and no matter how good the storyline is it can never save a snoozefest match like the ones we've been getting in our homes from Vince these last couple of monthes. Vince should fear himself, his own laziness, his own will to pass by on just the bare minimum. He fought hard against WCW and ECW and he won because of his fight, he put on some of the best series of matches on wrestling history from 1997-2000, and no one can ever deny that. However, once the competition was gone, he remembered what it was like back in the WWF's 80s heyday, when their cartoonish wrestling was the top thing in the world and he didn't have to put on good matches as long as he entertained the fans. The thing is though, he's stopped entertaining the fans. Vince at this point is clearly just doing what he is for material aspect (money, etc) as opposed to doing it because of his love for the business like he used to do.
Give TNA a few years to build themselves up more and they not only will compete with WWE, but I can see them winning a new Monday Night Wars for awhile.
WSX on the other hand, is already dead. Too bad, but thats what you get for making the mistake of putting wrestling on MTV when you know they don't care about consistency or quality of programming. Any other cable network would of gladly taken in WSX, and I don't understand why they didn't go that route. It's a shame really, because WSX has an extremely talented roster of guys, and they've put on some fantastic matches since starting up. I'm not talking about the matches on TV, as they are always limited to like five minutes at tops, but if you ever checked out there online show WSXtra, they always have a match or two there that goes atleast 10 minutes and is usually awesome and very entertaining. The future looks very bright for those guys, and I suggest as many of them jump to TNA as they can now. TNA is almost like the glorified indies these days, as its not technically still an independent fed, being on TV and all.
Bottom line, WWE needs to fear their downfall worse than any other company that could potentially do it, because if they keep on the track record they've been going on for the last couple of monthes or so it will only be a matter of time before another company comes along and swipes up half of their fanbase like WCW did in the mid 90's.