I'm 40 and grew up in the prime of the territories / rise of the WWF to power. I could not agree more with Robstar. What made Flair great wasnt that he was the biggest or toughest ass kicker... but that he gave phenomenal promos, was the leader of a great heel faction that always had his back and that he would continually slither away with the title. I marked out so hard the day Flair dropped the title to Kerry Von Erich.
Look at how great Miz was as champ. The fact that he continually escaped with the title made most kids yearn for him to lose. Yokozuna may have been the first heel champion I can think of that was completely dominate... Well, maybe Big Van Vader as well. But it worked with them.
Yeah Robstar has this one pretty much sewn up.
He's Ric Flair 16 time World Champion, that's all everyone remembers him as.
People will remember Punk's reign as being one of the longest ever, that's it. The way he wins or loses it won't diminish the legacy in years to come.
Personally, if a championship is to have any sort of prestige, than you'll have wrestlers waiting in the back to earn their spot. Have some talent come out, talk about how's it's always been their dream to become "X" champion, have some build up via rising through the ranks or calling out "X" champion and there you go. It also doesn't hurt to have some feuds here and there. And you know what? That's exactly what's been going on with Punk. From Jericho, Ryback, Cena, even the fucking Rock wants a piece of Punk and they still have the nerve to rag on about prestige?