I haven't posted in a while, but I want to say a couple things about the Attitude Era, because some people are saying some very false things about wrestling content in different time periods. The Attitude Era was such a success because of the wrestlers who were around for it, such as Stone Cold, The Rock, etc. Their characters naturally tended towards a more adult-oriented product. It wasn't simply because they had people cursing and lots of blood and sex. ECW was much more extreme and it never got near the mainstream popularity of WWF circa 1997-2001. Second, wrestling in the Attitude Era was not geared towards 'non-idiots' anymore than in the 1980s-early 1990s or since the early 2000s. A large number of children and teenagers have always watched wrestling, and a significant number of middle-aged adults (often their parents). I wouldn't say the predominant audience was ever the 18-25 demographic except for the Attitude Era. I was born in 1986 myself, but I've watched several DVD sets of 1980s wrestlers and there were kids all over the place.
Are children 'stupid'? No, they're children. They have different minds and tastes. A bigger problem than the content being rated PG (requiring 'parental guidance') is the obsession for the past year or so with being mainstream, shown by the guest host system. Being mainstream is not bad. They went in that direction in the late 1980s with the rock and wrestling stuff and WrestleMania, but it worked because Hogan was already mainstream, with the Rocky movie and all a few years before. Cena is popular but he is not mainstream in the sense Hogan was in that time. The Marine wasn't exactly comparable to Rocky III, or any decent movie really. Now they are desperately getting a B-list celebrity every week to plug their movie or TV show. It is nowhere near getting them the mainstream appeal of the Hogan era and it comes off very forced. In the Attitude Era they just focused on the anti-authority storylines and characters, and the mainstream success came on its own (although even Stone Cold at his height never reached the Hogan level with the non-wrestling fan public). Anyway, the point is not who's a bigger star, because it's obvious to anyone who's watched wrestling from the different modern eras, but why the current 'children' cycle is obviously worse than the preceding 'edgy young adult' cycle or the 1980s 'children' cycle. It's because it's more forced and because of what has transpired since then. Hogan did not get booed by a significant portion of the audience in 1985-1990 like Cena has for the past five years. Stone Cold and Rock were a new breed of tweeners or anti-heroes when they were most popular.
They didn't directly insult the crowd when they were 'face', but they insulted everyone else, allowing the crowd to feel that they were cool because they were on the good side of this sarcastic tough guy, such as the Rock as the 'People's Champion' insulting all the interviewers and Stone Cold sharing the one-fingered salute with the crowd but not in an antagonistic way, except towards McMahon and the other wrestlers. Cena has neither the legitimate mainstream babyface success and popularity of Hogan in the late 1980s nor the clever anti-hero psychology of Austin and Rock in the late 1990s. He is popular with children and certain other fans but hated by many also. If he would return to his face rapper gimmick circa WrestleMania 21 (2005), after his lewd heel rapper gimmick but before his watered-down The Marine gimmick, he would recapture the overwhelming fan support he had at that time, around when his rap album came out. He could still cleverly insult his opponents yet be largely a 'clean' babyface, between the extremes of Hogan and Austin/Rock.
It would give some satisfaction to both demographics, children (who like straight babyfaces) and young adults (who like edgy anti-heroes) and middle-aged parents (who don't want it to be too profane for their children, but appreciate charisma instead of an obviously stale character). Sorry to rant so long but this is how I see this whole 'different eras' debate regarding PG and why the current PG era (at least at the main event level) is vastly inferior to both the Attitude Era and the 1980s-early 1990s PG era. Basically, it's not because of the rating, it's because of trying to force the mainstream aspect, and because Cena's character (and most of the characters) just plain sucks compared to about five years ago.