Yeah Swagger has loads of potential but so has many. I just think he needs to hit the ground running to keep his credibility he has built up on ECW. A feud with MVP will be good although i still think MVP has a lot of work (in-ring) before he is World Champion worthy.
Swagger would have to go over MVP clean on PPV for me to cement him as contender to be that level. I would quite like a Cena vs Swagger feud and eventully a HBK vs Swagger feud. I think he has that level of ability and will be a future champion. I just hope they don't wreck him by given him a few loses in quick sucsession.
A cruiserweight division has never worked in WWE for some reason. I think because you limit yourself by size.... A new title which is dominated by high flyers would be a nice idea.
I just think that to have one you need a feud to bring it to life and commit to it on PPV's (Like X-Div in TNA). A Mysterio vs Bourne series of matches would be brilliant. I'm not sure if guys like Kendrick, Haas & Shelton would fit in there with their size but they could be used better in that sort of environment too.