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Fusion of the two brands would basically be Vince saying that his huge idea didn't work, and his ego probably wouldn't be able to take something that big. Too many mid and low card wrestlers are already being held down as it is, so imagine how bad it would get if it was all just one brand. The brand extension allows guys like RVD, Cena, Booker T, Orton, and many others to get more exposure and allow new stars to be molded. I for one would not want to see Kurt Angle, HBK, HHH, and Taker taking up half of the program every single night. Guys like Eddie Guerrero and Chris Benoit became stars once they got a chance to shine after the brand extension. The travel schedule is also much less hectic since the wrestlers get more days off, and the big four interpromotional PPV's are something that you can look forward to.
The only positive affect of a brand fusion would be the scrapping of many titles, especially one of the tag titles. The tag division is very weak on both shows, and it would greatly improve if the good tag teams were all together. The WWE/heavyweight titles and the US/IC titles, respectively, would have to be unified, which wouldn't necessarily be a bad thing. However, there would be many main eventers and midcarders that would not be challenging for title at any given time, so this would not be a very good idea.
Another somewhat positive affect would be eliminating the B-show, Smackdown. There should be an angle between Raw and Smackdown at Summerslam where a big name from Raw faces a big name from Smackdown, and the Smackdown guy wins (say, Taker vs. HHH for example). This would give Smackdown some credibility back, and after that, the writers should definitely stop saying that Smackdown is the minor leagues.
I would keep the two brands separate as it is, since it would be very difficult to revert back, and I think it is working well right now.
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