The thing for me is that they haven't really decided who is what here. HHH acts like a heel, a very manipulative one but according to his speech he is the "good guy" who doesn't really want to do it but will do it because Undertaker "begged" for the match, when he really never begged for anything, HHH acted as freaking coward (storyline wise) by running his mouth saying that he ended the career of the Undertaker and that he finished The Streak (said it on December) one way or another, hence the Undertaker comes back and when he confronts HHH what does he get? "MMMMM....Maybe some other time" pat in the back and all this elusive crap that he doesn't want to do it because Taker is a "brand" and he knows how to finish it, but won't do it for the sake of business.
In that regard HHH was the heel and at point still is, the only way he accepted, like Shawn said, was after he was compared to HBK and he suffered because he really didn't wanted to do it, but he had no problem running his mouth last year about he fact that Taker was away, and then He said to Shawn he was doing it for him too, because he was a failure and all that, like trying to turn HBK on Taker (which doesn't take much really) like taker said last night.
So apparently the real Heel in all this is supposed to be HHH and somehow The Undertaker has become the Underdog of the feud.
Also, with all due respect but HBK is the odd man out here, while it might add more intrigue to some, for me he takes the spotlight out of it, I has been more about "HBK try to make HHH face his destiny at greatness and now HBK has a grunge with Both and the question what is Shawn going to do?
And more than coming as a Heel himself, Taker is being brought as a Broken man who is against the odds here...lets say that in a way they are even trying to portrait it like the Flair Vs HBK match, Shawn didn't want to do it and he acted like a Jack ass towards Flair, which HHH is doing but some how he is the good guy here and Taker is Flair in search of proving he sill can go.