I'm only speaking for myself here as a non-fan:
I used to live with a roommate who's into it (buys DVDs, subscribes to the VOD service) and I watched it once in a while. The whole soap opera/comic book stuff put me off. Like, it was never well acted, it was never clever, and there were too many inconsistencies to ever allow one's disbelief to be suspended.
However, the athleticism is amazing. Watching some old Brock Lesnar matches or whatever he put on from time to time (I think I watched some good stuff featuring Undertaker, Kurt Angle, HHH, and maybe Mankind for the craziness of it) was highly entertaining.
I would totally watch if they found a format to display those skills and that athelticism that didn't subject me to intros, "commentary," skits, and whatever else. I don't know if that format exists or what it would be (something like the Japanese-style obstacle shows, maybe, but somehow interactive) but it's worth exploring.
They're not going to grow their business by just focusing on current and lapsed fans, as much as you guys are into the stories and characters. To keep a business healthy, you always have to be reaching new people.