I think what made the attitude era good was not so much the sex and violence, because after a while it was so over the top and hamfisted, it lost its impact (thats the WWE solution to everything, if something works, drive it into the groud). I do think the contrast between SCSA and Mr McMahon was believable in context (especially after the Montreal screwjob, they also had faith in letting Mick Foley win the belt, and be who he was, and they let The Rock and Mr H have their time too. I think they did a decent job of promoting the under and middle card talent as well.
Still a lot of what happened there, were "happy accidents" or last resorts. Stone Cold wasn't going to be Stone Cold at first, Mick Foley was going to be saddled with a really terrible gimmick before he was allowed to adjust it, WCW holding Vince's feet to the fire simply demanded more out of him creatively, not to mention the damage that the steroid scandal and the general dislike of the new era cost the WWE at the time.
When the Attitude era started to wane, and the "invasion" storylines began, some longtime fans were already getting sick of the product. The McMahon family drama was EVERYWHERE and they had already turned on each other and the main eventers at some point so it was all old hand by then. But all they could think was "casual audiences love EVIL BOSS vs BLUE COLLAR GUY" and so it was rehashed and rehashed and rehashed (remember The Union?) Nobody cared.
Thats all that this will come down to. Either Shane will turn on the fans, or one of the McMahons will side with Shane, and it will still turn into the same boring shit show you saw 15 years ago. I don't think the authority as central antagonists is necessarily bad, when done with moderation, and done with some sense. People forget that when the whole SCSA vs Mr McMahon started, Vince was not the mega heel to every baby face in the company (I think Triple H made that jump after he and steph married kayfabe) he just hated Austin. He didn't like Shawn Michaels either, but Michaels would do business, and Vince thought he could contain him better. Vince didn't get involved with whoever had the IC belt (unless it was Austin related) or some other random crap, so it wasn't watered down. It later became that, and eventually it losts its appeal.
The problem is the authority has no rival that the fans believe in. They did with Daniel Bryan. They would with CM Punk (not happening), and down the line I think they could with Sami Zayn. But they need to stop feuding with mid carders like Dolph Ziggler, and stop using every heel as henchmen.