I'm watchin' some 2004 RAW/Smackdown. The biggest difference between that and today is just...they have so much more talent back then. There's actual tag teams, with title defenses and junk(Dudleyz, Hardy Boys, La Resistance, etc). There's like...actually good female wrestlers like Trish, Lita, Victoria, and Mickie James. Eric Bischoff/Paul Heyman >>> Johnny/Teddy Long as General Manager characters. HHH as asshole champ you want Chris Benoit to beat. Shawn Michaels, Chris Jericho, Christain, Eddie Guerrero(before he died), Kurt Angle(before he went nuts), Brock Lesnar(before he leaves!) Rey Mysterio(before the burritos), Edge, RVD, Booker T(before SHUCKY DUCKY QUACK QUACK), The Hurricane, the whole 9 nine yards. And this is with the whole Smackdown vs Raw thing, btw. They had a big enough roster of talent that they could put on two good wrestling shows a week, with their own cast of characters, and storylines, and championships to feud over. Nowadays it's like the whole cast of Smackdown shows up on RAW whenever they need them, so Smackdown feels like filler and it's painfully obvious how small the talent pool is at the WWE right now.
That, and JR on the mic. He's really the best. He makes even the dumbest shit sound amazing, and because he cares so much, I care as well.
And the crowds are just so HOT back then, even in the post-Attitude Era. They get crazy when Eddie Guerrero mounts a bloody comeback against Angle. They really get into all of Thugonomics John Cena's shtick. They boo the FUCK out of HHH when he drones on about being the best WHC in history and shit. The audience becomes a part of the show, they bring everything to another level, along with the huge talent pool and good commentary, and it all combines into this pretty damn engaging soap opera of sweaty guys(and girls!) fighting each other.