often find thats the problem with raw these days as well, get loads of pointless backstage crap (like hornswoggle running through the hole he painted on the wall! or Cryme time stealing eugenes pills, or some stupid moment endning in ron simmons shouting "DAMN!") and then we get matches which are crap and last about 3 minutes (mr Kennedy vs Brian Kendrick for example), (or cody rhodes vs trevor murdoch or some other pointless match which nobody cares about). There are also waaaaay more ad breaks than there were back in 2001, we seem to get them about every 10 minutes nowadays, it used to be only between matches they would cut to adverts, but now they just ram their own commercial/dont try this at home/tour promotion down the viewers throats every chance they get.
Personally I think the quality of wrestling and number of ad breaks are directly related. It was pointed out to me recently that the only time you'll ever see an uninterrupted Great Khali match is at a PPV, where they can't have an ad break. If he wasn't so dire, they wouldn't need so many of them, because they wouldn't need to cover up his direness,
and better wrestlers would make them more money so they wouldn't need to advertise so much. Everyone wins.
To be honest though, I think if you compare the rosters at WrestleMania 23 to what they're likely to be at WrestleMania 24, things are looking a lot stronger this year. For example - take, say, the 10 most over guys from Raw, the 10 most over guys from SmackDown! and the five most over guys from ECW, and compare them over a year's period (assuming that Cena still counts as part of the Raw roster given his return at WM or shortly after):
Raw @ WM23: John Cena, Shawn Michaels, Umaga, Jeff Hardy, Randy Orton, Edge, The Great Khali, Carlito, Ric Flair, Johnny Nitro
Raw @ WM24: John Cena, Shawn Michaels, Umaga, Jeff Hardy, Randy Orton, Triple H, Chris Jericho, JBL, Ric Flair, Mr. Kennedy
SmackDown! @ WM23: The Undertaker, Batista, Mr. Kennedy, Finlay, Matt Hardy, Kane, Chris Benoit, MVP, Chavo Guerrero, Gregory Helms
SmackDown! @ WM24: The Undertaker, Batista, Edge, Finlay, Matt Hardy, Kane, Rey Mysterio, MVP, Chavo Guerrero, Mark Henry
ECW @ WM23: Bobby Lashley, Rob Van Dam, CM Punk, Sabu, Tommy Dreamer
ECW @ WM24: CM Punk, John Morrison, The Miz, Shelton Benjamin, Big Daddy V
Add to that the return of Big Show any day now, and the possible return of Rob Van Dam at any point over the next few months, and things are looking up. Raw and SmackDown! are undoubtedly stronger now, both in terms of talent that gets over and in probably terms of pure talent too. ECW has lost all the Originals bar Dreamer, but it's being used like Velocity now anyway, so you'd have to expect that.