WCW had a great formula, yet they didn't have the nerve to see it through. For those of you old enough to remember, WCW Nitro built their program around the Tag Division, the US Titlte and the Cruiserweight title.
Main Eventer would headline the show and push the program with promos and backstage skits. (They didn't cannibalize their show with Main Event programs until they formed the NWO Wolfpac.)
IF the writers were competent, they'd figure out a way to unify the US & IC titles and re-introduce the Cruiserweight/LH belt. That would allow them to make Smackdown a unique program and to expand the potential of their roster.
Sadly, they won't do it, and they aren't competent enough to pull it off.