I'll be honest, I didn't even notice Punk was missing on Raw. None of his feuds have honestly really mattered to me since losing to Rock and those constant resting periods during the Rumble were just yet another example of him not entertaining me when it came to wrestling. Thus character wise, it doesn't matter to me.
Tis a shame to see him go if it over various disputes, Batista getting a spot simply just by the fact he's a "star", or any reason other than he really does need the rest, but I'm not going to miss him in WWE nor do I feel bad for a guy who is quite well off and can spend the rest of his days relaxing at home or at UFC shows or singing terribly at punk rock shows.