IDK, listening to Vince Russo talk about bad creative decisions in pro-wrestling is like listening to George W. Bush speak about how many bad decisions Obama makes as President. Even if Russo is right, remember the source here had the same oppurtunity to make a good product and did MUCH worse. He helped put the final nails in the coffin of a multi-million dollar company with his own creative decisions, and at times made the only real alternative to WWE in recent years close to unwatchable as well.
With that said, is a STRAIGHT wrestling show something most people are gonna wanna watch? No... to quote Jim Ross, "The steak needs sizzle". The promos and storylines help fans invest emotionally into a match, and make the outcome matter to them. My personal example; last night I was at a WWE House Show and was for the most part bored. What got me into things was I knew the characters and what they represented, and I knew some of their storylines. Without that, I was just watching 3 hours of men fake fighting with each other.
Still, wrestling is apart of the show and should be the center of attention. With the storylines build in, the wrestling is great because now it goes from men fake fight to a battle between two forces with something on the line... be it titles, power, or pride. Russo's problem though is he never seem to have ANY faith on the wrestling holding the show with a few storylines set it. EVERYTHING had to be a storyline, with something that resembled pro-wrestling thrown in. To go back to the sizzle to the steak metaphor... we went from a jucy steak with a little sizzle, to an overcooked tastless steak that had nothing but sizzle... and you can't eat sizzle.
...Sorry, went on a little longer than I wanted to, but will finish here with a link to an article Lance Storm wrote recently on WCW booking (specifically when Russo was in charge)...
http://www.stormwrestling.com/061214.html. The whole thing is a decent read, but paragraph 6 where Lance questions Ed Ferrara's (Russo's right hand man) logic on so much storyline vs. letting the match speak for itself, and Ed's dumbfounded-ness to the whole thing is my favorite part.