WWE's intention seems to be that the World Heavyweight title is an extension of all of the assets of the WCW title (the century of past champions, high profile monday night war challengers for the title, etc) while avoiding taking on it's liabilities (David Arquette).
If you ask me (and I suppose you did), WWE's real reason for doing this is because they wanted Triple H to be a world champion, and go on a run of extended dominance on the RAW brand (briefly broken up with reigns by Michaels, Goldberg, Benoit and Orton), but at the same time they didn't want to cut Brock Lesnar's nascent reign off at the legs, since he'd just won the WWE Championship.
Say what you will about Triple H, but he brought instant credibility to the championship, and his defense against Benoit and Michaels in the main event of WrestleMania XX is, in my opinion, the best WrestleMania main-event ever. He and Batista main-evented WrestleMania 21 over the belt also, and that made sense at the time, even if in retrospect it would have been better given to Cena/JBL.
Nowadays, however, the World Title is a clear #2, and a distant #2 at that.
"I'm sorry, I'm not much of a hugger." "Not yet you're not." --Randy Orton and Daniel Bryan, SmackDown 1/18/13
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HHH/Eugene just had no flow. I guess it was sort've an odd match, because they had to book it in a couple of pieces: HHH gets surprised by Eugene's prowess; HHH resorts to fighting dirty; then whatever the finish is.