Well not to rant on you (I am Hispanic by the way) just to counter your point a little.
Each has his own opinion on the gimmick he used but lets go with yours, that the gimmick sucked...Well, that was the great thing about Eddie, he was given crap and made it work. I mean you can say the only thing going for him was "I am Mexican" but he made that go so good in and out of the ring that it translated into "I am not just Mexican...but World Champion Material" and he became World Champion, he was so over that he was usd to put others over when they could not do it by themselves, like in his feud with Mysterio. I mean the thing is that you can have a crappy gimmick and made it work into the next level, Eddie did.
Also I still thing Smackdown is the best of both shows, being taped is and advantage but most of the time the really entertaining feuds are over Smackdown, even the Divas division of Smackdown has been better than Raw's for years, I know is not saying much but it has being better.
The show is very watchable and there no real thing that take too many segments, even the Champion is not over exposed (who ever he is, even Rey) and hasn't being in years, that is usually why RAW used to get almost every meaninful star from that show, now not s much but still on the wrestling side Smackdown is better that RAW hands down.