Like so many others, I was very into the Monday Night Wars between WWF and WCW (which was my preference). The original nWo angle, from Bash at the Beach 1996- Starrcade '97, is the stuff of legend. After the decline and eventual demise of WCW, I remained a regular viewer of WWF... and, since 2002, WWE... programming until shortly after the whole Chris Benoit thing. Since that time in 2007, I've been at best a casual viewer. I think that the WWE really lost something special when CM Punk quit, however guys like Daniel Bryan deserve all the attention they get. One problem the business faces now is that there's very little left that they can do to shock us anymore. Doesn't keep them from trying, hence the end of Undertaker's streak at WM 30 and the appearance of Sting at Survivor Series. While both were legitimately surprising in that they were things I doubted would ever happen, the latter is especially underwhelming. Though Sting has always been my favorite wrestler, he's well past his prime.
They really need to do more with their Women's division; for instance, actually referring to it as a Women's division instead of "Divas." Their last GREAT women's feud was ten years ago, Lita vs. Trish Stratus. That's not to say they haven't had good people come and go since then. Right now, they have an extremely gifted performer in Paige, and they're wasting her talents (surprise, surprise).
The WWE needs competition to give it the motivation it needs to squeeze out a quality product. Unfortunately, I don't see that happening anytime soon. Not from TNA/Impact Wrestling, and not from anywhere else.