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Its more about what happens during the reign. HHH is the best example of both. His feuds with rock and Foley, then rock again were legendary and an essentially part of his legacy and part of epic reign as champ in both longer stints and short. However, after being handed the title by bischoff the following title reign was shit because there was no one that anyone cared about to challenge him and he held it forever. Same wrestler different emotions.
If Punk had someone that could tell an equally interesting story, and be taken seriously as champion, his reign would mean more. Jericho had the best chance of this, but the combo of lazy writing and his lack of commitment ruined it. They also could've made Ryback with this feud. Ironically, goldberg in reverse. He could've broken the streak, and punk could've gone the HHH route and stopped at nothing, caring for no one, to become champion again.
I don't think quantity carries as much importance as quality with championships.
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