In my opinion, it should be brought back. A lot of these guys can put on great matches, yet are just wasting away on Superstars. High flyers are fun to watch, it would add variety to the show, give many of the people stuck where they are at something to actually contend for, which would in turn raise interest in them which would in turn boist their popularity.
Guys who can benefit from it: Evan Bourne (stuck), Justin Gabriel, Yoshi Tatsu, Chavo Guerrero, JTG, Primo, Kaval, Zack Ryder, Del Rios, maybe Joey Mercury. I may have missed a few, but it seems that they are adding new guys all the time, and they can easily bump someone down to the division if needed. Some of them are stuck where they are at without being able to move up and need a boost, either way it will make them all halfway relevant again.
There is a problem though, if having Hornswoggle as your last reigning champion doesn't devalue a title then I don't know what the hell does. If they brought it back they need to revalue it and Hornswoggle must be absolutely squashed and re-squashed in the first round of the tournament, by none other than Chavo. Also I think Rey should compete only to lose in the finals of the tournament to who would win the first title (either Gabriel, Bourne or Ryder) which would add prestige to it given than Rey is a former heavyweight champ. Basically they need to do the opposite of what they done with the Women's division and actually treat it like a real division not pee break time.