To be honest, I usually end up reading the spoilers and if there something interesting I watch it. I remember WCW in 1996 though they were going full bore with interviews to start each show. This happened after the huge Hogan Nwo angle. From the WWF I remember the 1994 Owen Hart/Shawn Michaels Raw match (HBK fake concussion) that entirely overshadowed the show and placed the entire focus on the angle itself.
A few of the skits are entertaining and probably easier to produce/choreograph than an actual wrestling match. Unforutnately they have gone overboard with this stuff (at least on the weeklies). The problem is that the people in charge (Vince, Stephanie, Brian Gerwitz (lead "writer" on Raw) think this stuff is truly entertaining and funny and continue to push this stuff on a weekly basis. It's too bad that Shane left as he would be one that could have brought a lot more interesting ideas to the company. Smackdown has a bit more wrestling since those people aren't as involved with the show.
Most of the wrestling actually occurs on the PPV which is why I download that stuff. Unfortunately, most of the good matches involve older guys (HBK, Jericho, Mysterio etc) and once those guys leave; it could get real unwatchable for me.