Not having a full-time WWE champion is a bit lame, I will concede that point. But on the whole things are fresher they have been for the best part of a decade. What we have at the moment is a pool of talent that is made up nearly entirely of really good up-and-coming talents, which is supplemented by a couple of guys who are more or less in their prime (Cena, Orton, Lesnar) and others who - though some are part-time and past their peak - are old pros and/or bona fide megastars (HHH, Sting, Rock, Jericho, Big Show, Mark Henry, Kane, Christian, Truth).
It might not at present have the star power of years gone by, but it's a really good time to be watching the E on the whole for mine. As a wrestling fan if you can't get excited about that, I don't really know what would excite you.