I think its a general consensus that the belt belongs on Raven. Anybody feel free to correct me if they feel differently, but I'm pretty confident with that statement.
I think the "frantic" feeling could die down a bit when they go to the monthly ppv format. It will give them more time to develop a month long (or more) feuds instead of cramming so many 2 week feuds into a month. I mean, in the format they have now, two guys get in an argument backstage then they have the match to settle it the following week. End of story in most cases. If you think back one month, a lot of the guys have had at least 2 feuds since then (including their current one).
If you look at the X-Div title, one month ago, I believe Styles had it and was feuding with Shane and Kazarian. Those two then won the title, then there was a battle royal thing for it, and now Petey Williams has it. So, in one month's time, there have been 4 different champs (or 3 depending on how you look at it). Now, if you strecth that out over the monthly ppv system like it should've been, they could've pulled at least 3 solid months out of it.
Edit: I also wanted to add that Styles, of course, should obviously be a main focus of the shows. However, I think he's strong enough that he doesn't need to be in a title match all the time for it to be a main event. The same could probably be said about Raven, and maybe a few others, but I still think raven should have the belt