The frustrating part is that it hasn't been "very good" in a long time. It's had some great moments, but for the most part it has been mediocre. It most certainly has not been must see.
The middle ground character is what CM Punk has been all about for the past year. Even right now in the midst of this supposed heel turn, he's neutral (until the Lawler kick in the head) only demanding respect. I thought the segment with Cena hit it on the nail. He's been seeking respect since last July and aside from the fans still hasn't got yet (at least if you wanna look at it from character perspective). Also this is his second WWE Title reign. The first didn't go so well after WWE pushed Del Rio to the moon and it back fired on them. I'd say out of the opponents that Punk have faced only Jericho and Bryan have been any good. Now we're suddenly back to Cena. WWE's lack of depth in their WWE Title picture is sorely lacking, if we're already back to Cena.
I have a feeling that Admiral M is going to be proven right and Cena will take the title from Punk by year's end. We will have Rock Vs Cena 2.0 at Royal Rumble (even though I'd be much more interested in Punk Vs Rock).