For me it's lost it's lustre thanks to the same old faces doing the same thing every year. Every year there's a Kofi, Mysterio, Morrison who performs a stupidly contrived spot that really shouldn't have been done. Every year Big Show, Kane, Mark Henry throws The Miz or Jericho through one of the pods. Every year interesting participants like Barrett or Rhodes get eliminated too early. The best thing the Elimination Chamber has done recently is let Santino almost win. That's what it needs more of. 2 matches a year on the same night is fine but they should be used as a pushing block for new talent as well as the perennial mid card fillers.
I would suggest the following formula:
1)The reigning champ
2)The most recent number one contender
4)superstar mid push
5) not currently pushed superstar
6) outside bet likely winner
As an example 1)CM Punk 2)Ryback 3)Zack Ryder 4)The Miz 5)Tyson Kidd 6) John Cena.
Then book the match so that Ryder and Kidd aren't the first 2 eliminated, possibly having one of them take out Ryback, Cena or Punk so it's not so predictable. Then they can mix it up for the next match and have the obvious 2 out first leaving 4 "better" guys. Or have Ryback eliminate Punk before the first pod is open, then have him eliminate Kidd, then The Miz, than when everyone is waiting for the Ryback vs. Cena face off have Ryder last the 2 minutes and have the three of them in the ring for the last bit. Just don't keep filling pods with guys we know won't win.
Working them in a PG environment doesn't help when what we want is a violent match but that doesn't mean it can't be an edge-of-your-seat-what's-coming-next match.