CM Punk is an IC guy nothing more
when u look at the legends who have held the world title, CM and even Jeff Hardy just don't fit the bill.
maybe I am too old school, but I doubt many people buy a ticket to see CM Punk.
The past few times I've went to Smackdown house shows (with ECW), Punk has been a big reason in me going as is Undertaker, Edge & Morrison. I don't see how they don't 'fit the bill'? They are some of the most over and talented workers they have. If fitting the bill was an element of pro wrestling these days then do you really think Samoa Joe would have EVER been given a World Title run?
World titles have generally been prestige-less since Bret Hart left WWF (you could argue Steve Austin), thats when they started flying all over the place. Of course you couldn't really have a year long champ these days, as Hammy pointed out fans get bored so easily these days hell look at the near year long Cena run and how terrible it was. Fact is heels are always more effective as long term champs, fans want to see the face chasing the title not just defending it over and over again. Fans these days just want to see title changes happen very often to get there moneys worth, Vince just gives them what they want really.