I think the biggest problem with the way the ECW show's are being run right now is that Vince genuinely thought that he could slap the letters ECW on ANYTHING and people would turn out in droves, just like they did for the previous ECW DVD releases. That hasn't exactly happened, but I wouldn't call it a failure either.
Enough has been said about the first episode of ECW TV and I would prefer not to acknowledge it's existence anymore, but I can honestly say that I have enjoyed the last two shows. Both had some of the better TV matches I have seen in awhile, and I love that they have turned RVD into "everybody’s favorite wrestler" again.
In fact, the only thing I really can't stand are the "Kelly" segments. Jim Cornette (sp) said it best, "if I wanted porn, I'd watch porn".
Does it feel like the "old ECW"? No. One of the key ingredients that it's lacking is the fan interaction. You don't have the intimacy of a smaller venue taping after Smackdown!. But it does feel different from RAW, even if everybody that gets significant air time is actually from RAW.
ECW will not exist long if it is just a one hour ad for RAW, and that is my biggest fear as to where it is going.