I think WCW had the best television model in existence prior to the Monday Night Wars, and I think WWE would be best served to follow it. Yeah, Saturday nights on TBS were always the A game, but they didn't treat any shows like they were unimportant. That frame of mind is a byproduct of the Monday Night Wars, because that's when both companies started putting all their effort into their flagship shows and totally neglecting everything else. All the top stars should be on Velocity. Not necessarily every week and not even advancing storylines constantly, but no one should be "above" working any show. If the company doesn't care about it, why should the fans?
As for ECW, I think if it became a regular feature, it would be run into the ground and get very old, very fast, and politically, since Stephanie hates Paul Heyman, she'd try to tweak it, they'd have to interact with each other, and she'd end up lobbying for him to get fired. She's basically the big reason he doesn't have a lot of power in that company right now, because she despises him. I'm not interested in an ECW not run by Heyman at all. I'm glad the show got a huge buyrate, but I think the lesson to take from that show is just how loyal you can get a fanbase to be over the long haul if you're good to them. With WWE on a larger scale, theoretically, that same philosophy would work just the same and make them beaucoups of money.