My only problem with the current Punk angle is that they're trying to sell Cena's "title" as legitimate.
When Punk was threatening to leave, it was a big deal (and Vince was selling it as a big deal) because it meant that every "Champion" after the fact would come with an asterisk; that is, nobody would have ever beaten Punk for the title. It would have been the WWE Title*.
Once Punk returned, the WWE Title* immediately became completely meaningless. It was no longer the replacement title, because the real title it was supposed to be replacing had returned.
Furthermore, if the WWE Title* is perfectly legit, then why did Vince care so much that Punk was threatening to quit?
I think they should have called the replacement title something else, the way they brought in the World Heavyweight title when Unstoppable H lost the WWE belt. Make an entirely new belt--that way, there could be a legitimate debate as to how meaningful the new belt is, as opposed to the current situation where, in my mind, Cena's belt is clearly bogus.
Also, because that situation is less confused than having two WWE champions, the storyline leading to the unification of the title could be longer and more involved (if that's something we want, which is open to debate).
I guess I just really wanted to see Cena's belt denote him as the Company Man champion.
It's not a big deal, all things considered, but I think it could have been handled better. Anyways, it'll be fine so long as Cena loses.