Good column, and you've certainly hit the nail on the head of a few points as to why this has quickly become underwhelming television. Hopefully, the WWF gets it's act together on this before it's too late.
I'm not sure they should recreate the nWo angle exactly like WCW did it. Afterall, we have all already been there and done that. One could argue that one of the problems of the original angle was that they recruited and recruited often, watering down the original group. And I'm not sure if I want to see those guys anywhere near titles (but I think it is easy enough to believe that they wouldn't give a damn about titles).
I think going in a different, original direction is best. Right now, I see it as a slow burn, and I'm willing to have some patience to wait to see where it all goes.