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Here's my thoughts:
-I sort of see what you're saying (as it relates to the comparison between VV and RRR).
-Back in RRR's time however, I think the IC title had far more significance. There was far greater parity between the IC title and World title. Nowadays, there's too big of a discrepancy. In other words - a guy will win the IC title, drop the IC title, and then have nowhere to go.....because he's way too far from being a legit "heavyweight" contender. Unless someone has tremendous charisma and/or a great gimmick, they will then get lost in the shuffle. I think this is what happened to Val Venis.
Compare this to 1998. Only FOUR (4) guys were legitimately "above" the IC division: Austin, Undertaker, Kane, and Mankind. However - the guys competing for the IC title were EXTREMELY close to getting elevated (i.e. The Rock, Triple H, Owen Hart, Ken Shamrock, etc.).
In 2000 - guys like Angle, Benoit, and Jericho were all EXTREMELY close to the "main-event level." At this point, only The Rock, Triple H, and an (absent) Austin and Undertaker were "above" the IC title.
Bottom line? I think the IC title needs to
A) Become more prestigious again.
B) Be reserved for up-and-coming talent that are CLOSE to the getting to the main-event level (i.e. CM Punk, Jeff Hardy, etc.).
Given how many former champions are on the show now, perhaps they can make a 'legends' type belt (i.e. only people that have been past world champions can go after this belt).
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