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The main story right now is that Paul Heyman is calling himself the Messiah of ECW. He turned on RVD to help Big Show win the title, and now he's at war with Tommy Dreamer and Sandman. Heyman's goons include Test and Mike Knox as well as two guys in riot gear (it's the Bashams, but shhhh, don't tell anyone).
Mike Knox's girlfriend Kelly Kelly (yes, that's her name) is an exhibitionist. It's amusing to hear Tazz try to say "exhibitionist." Mike doesn't like her showing off her body in front of people, so he's playing the jackass prude boyfriend role. Quite well, I might add. And he's not terrible in the ring, either.
Sabu is hunting Big Show, who seems to be ducking him for a title shot. This past week on ECW, Sabu fought Angle in a #1-contender match, but RVD interfered and laid both guys out. That set up this week's main event which is going to be a three-way ladder match for the Summerslam title shot.
There has been almost no development of the tag team division. They've made no mention of the fact that Doring and Roadkill were the last Tag Team Champions, even though both have appeared in squash matches. Mostly, the old ECW guys (besides Sabu, Dreamer, and Sandman) have been used as enhancement talent for Angle, Show, Test, and Knox. Justin Credible in particular has become a complete and utter jobber (although Al Snow is starting to catch up to him in that regard).
You already mentioned that you know about Kevin Thorn and CM Punk. Shannon Moore and Rene Dupree will be debuting soon, and the team of Ryan O'Reilly and Derrick Neikirk have been working dark matches and house shows.
I suppose that's the long and short of it.
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