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The point is to build up the Raw and SmackDown championships as best they can to be drawing cards on their own, with the WWE World champion appearing on selected shows (probably touring with whichever brand is feeding him his next challenger ie. if his next opponent is Randy Orton, he will travel with the Raw crew on the road).
The Raw and SmackDown titles can be built up enough (by putting the belts on "name" wrestlers who are removed from the WWE World title picture, such as Shawn Michaels, Randy Orton, Batista, Rey Misterio) without giving the impression of a career comedown (by which I mean, fans should consider Orton the top guy on Raw should he hold the Raw title.... not just a second tier champion).
If they manage this, not only will winning the Raw championship mean much more than winning the IC title to a lower card guy who is on the rise and needs to get over as a major player, almost like winning the WWE World title, but the Raw and SmackDown belts will draw on their own.... essentially giving the WWE World Heavyweight champion a potentially REDUCED travel schedule, because they will be needed less to pull a crowd on house shows (assuming that the Raw and SmackDown belts get over being held by top 'World title' calibre guys).
Say John Cena is the first WWE World Heavyweight Champion. Now let's say Shawn Michaels and Edge are feuding over the Raw title. Batista and Rey Misterio are feuding over the SmackDown title (I'll keep ECW out of this as they don't need to draw on their own house shows anymore). While the Michaels/Edge feud is drawing on the Raw brand, Batista and Rey are drawing on the SmackDown brand, Cena doesn't neccessarily HAVE to work the show. If he does, a match vs Triple H or vs Undertaker on either show will be the cherry on the cake. Used sparingly, the WWE World heavyweight champion becomes a novelty attraction... the belt isn't over exposed and neither is the champion. In addition, the champion doesn't burn out or pick up nagging injuries through working every day.
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