Yeah, it's a thin story going in circles, but I will commend AJ, Bryan and Punk for actually selling the storyline, cheesy as it is. They're committed to it, which is more than I can say for Cena who basically ignores storylines.
This is how the angle has developed over the last month:
June 18: AJ dances around the ring in a kane costume, distracting Kane, causing him and bryan to lose.
June 25: AJ does fake breakup discussions with punk, bryan, and kane while looking at her reflection in a 3 panel mirror.
AJ dances around the ring, distracting kane, causing him to be eliminated in a 3 way dance with punk and bryan. Kane "breaks up" with AJ.
July 2: AJ dances around the ring, but neither Punk nor Bryan pay attention to her. So she tries to commit suicide via table, but kisses punk and shoves him through bryan through the table when punk tries to stop her. Raw ends with her mimicking Bryan's yes chants.
July 9: AJ makes out with punk and bryan. AJ proposes to punk. Bryan proposes to AJ (to gain an advantage for the title match). Punk rejects AJ's proposal and tells her Bryan's just using her. AJ slaps both punk and bryan, does bryan's "YES! YES! YES!" thing, and raw ends with AJ's music.
I mean, it's fucking awful. There's NOTHING there. NOTHING. NO DEVELOPMENT. NADA
It would have been a complete disaster and trainwreck with anyone else (say, Cena, Ryder, and Eve)