It was at first for sure, but it eventually evolved into a title of debatable status. What meaning does a title hold other than that which is attached to it by the company/fans?
I think it's fair to say it ended up ranking somewhere between IC and World status for most of it's tenure.
As you pointed out, it stopped being called or considered a world title eventually. Early on, however, it was definitely treated as such when Big Show held it, and participated in a world champions fued with Booker and Cena.
Also, they entertained the possibility of Undertaker using his Royal Rumble shot against Bobby Lashley in 2007.
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