IMHO, the biggest issue with wrestling today is - as noted by others - there simply is not enough time devoted to the storyline aspects. It's all short-attention-span "crash TV".
Way back when there was only 5 PPVs a year (one each season plus Wrestlemania for WWF/E), you had plenty of time to build a storyline and make it MEAN something. Today with a PPV every 4-5 weeks, there's not enough time to get the viewer interested in the storyline. Plus, not everyone can afford 13 PPVs at an average of $50 a pop each.
Today, just about every performer on the card is an "A" or "B" list guy - long gone are the days of the lowly jobber getting TV matches against the big-name stars - and that's a shame. There really is no "Barry Horowitz" or "Iron Mike Sharpe" today.
Been watching almost religiously since 1983 - plenty of good performers, storylines, angles, and gimmicks - and plenty of not so good performers, crappy storylines, stupid angles, and unbelievable gimmicks.
"Managers" and "valets" SHOULD come back. They add an element to the show that can make or break the performers they work with. Not everyone can be a physical wrestler, but there are folks that perform well on the mic and can get the crowd to pop or instantly add more heat to their "guy" by their actions.
Agree that tag teams are almost a lost art. Today when you've got a roster filled with talent and are trying to figure out what to do with them and how to fill a 3 hour show, well that's what tag team matches are for - even more so when you do as they once did and have actual titles for the 6-man and 8-man tag team groups.
Both TNA and WWE have their moments, but then they also put stuff on the air that makes me wonder what they are all smoking. Both rely on a couple of key performers way too much - and it's worse in TNA with Hogan. Yes, he's still a draw, but they should not be promoting the whole show around him - that's a slap in the face to the other guys that can actually go out and perform.
I recall being in Atlanta on a business trip, sitting in the hotel room watching TV and coming across - IIRC - a SIX HOUR block of nothing but pro-wrestling shows from the WWF, NWA, AWA, WCCW, and others - as I recall, it was hosted by "The Round Mound of Sound" Joe Pedicino. Barely slept as I stayed up watching the whole block of shows - nothing stands out as being overly great, but I was interesting in watching how each group built and promoted their stars and storylines.
If I had to pick a favorite overall, I think I would choose William "Lord Steven" Regal. The guy could cut a great promo, had the perfect snotty English attitude, and could carry just about anyone to a good if not great match.