Jericho's tour with Fozzy starts Friday. As for Michael Cole, I think he's good, but only when he has someone who works as hard as he does. There's an interview with Lawler where he says that JR would insist on him showing up early to run through the program, but he doesn't bother any more, he just tuns up for show time and wings it. He doesn't care any more and it shows in everything from his stupid comments to his tired delivery.
Cole is much better opposite someone like Josh Matthews, but Matthews doesn't have the personality to carry the 'A-show'. Personally, I'd like to see JBL or Paul Heyman make a return to commentary, or William Regal to be promoted from NXT or wherever they have him. Someone who still cares about the industry and can weigh in on the match with some actual insight.
The other thing they should do is blur the lines. A heel/face commentary team doesn't work when there are faces acting like heels (Sheamus) and heels who are over as faces (Daniel Bryan, CM Punk). I'm not suggesting they go back to play by play/colour, but maybe letting the commentators call things as they see it, and maybe root for the superstars they want to root for regardless of allegiance so we get a more balanced commentary.