I think they are going to blow it. Look at all the chances they had before to do something really great and it backfired. The story writers must be changed every week or so. First they had WCW Invasion that had shit loads of potential. But they screwed that. Then they had the ECW as the rouge federation, and screwed that up. ECW could have been the modern day nWo, instead they combined and really screwed it up by letting Vince have too much airtime and injecting himself into the mess. If Vince would keep his ass off TV, that would solve a lot of problems but his ego won't let him.
Also, they have wrestlers there that are not being utilized because they are devoting more time to fossils like Undertaker, Rikishi, etc... The Rock is getting old and we know it is a matter of time before he is off to make a movie. Benoit is going to be lost when he returns. Austin is just puttering on the sides, along with HHH, they don't know what to do with this. Kane is good, but they can never agree on which direction to take his character. Steven Regal should not even be on TV period. He is just a waste of air time. Man, they are making the same mistakes WCW made with their younger / better talent.
My suggestions:
Import Vampiro and combine him with Tajiri for a tag team. No more of this two individual tag team shit. (Rock/Austin, etc..)
Keep anyone with the last name McMahon OFF THE TV.
Keep firm control of the nWo storyline. With a heavyweight champ like Austin or HHH, it could be interesting to see them develop (i.e. suffer) from being on two different teams hit list. They would fight off the nWo and then have to defend the title against WWF members.
Do Not Let XPac do anything else but set up the ring. Or sell popcorn. Man, he is grungy and gets no crowd POP.
Utilize the Intercontinental belt and European belt to distract viewers from the same old mess that the WWF heavyweight is in. I mean, how many times can we watch Austin, Rock, Angle, UT, fight for the belt? These four are getting tiresome. Rather, let them fight it out for the IC belt. Afterall, the IC champ is always number one contender for the WWF belt. When was the last time you saw the IC champ granted a match?