I can't completely begrudge WWE for thinking Dwayne is the solution. They have to protect the cachet of Wrestlemania, the grandest stage of all, the showcase of the immortals, etc etc etc. But, as you pointed out, they just diluted the shit out of Dwayne's value, probably because they're so enamored of the idea of Dwayne legitimizing what they do.
I think deep down I like the idea of the 1 year build. The problem is this is a company with no ability to even book short term, much less something a year down the line. I think any non-efed rassle gaffer could come up with ideas for how to build interest, slowly ramp up momentum, then climax at the ppv that would be far better than what we have now.